IMF: Egypt Among Highest Growth Rates in Region

By: Taarek Refaat

WASHINGTON, Jan 30 (SEE)- Managing Director of the International Monetary Fund (IMF) Christine Lagarde said earlier this week that Egypt has one of the highest growth rates in the region.

"Egypt has one of the highest growth rates in the region, including a budget deficit that is witnessing a downward trend," she said, adding that inflation is on the path to reach the central bank's target by the end of 2019.

"Unemployment has also fallen to almost 10 percent, the lowest rate since 2011, and social cohesion measures are being implemented quite successfully," she noted.

"I take this opportunity to praise the commitment of the Egyptians towards the reform program, which will pave the way for higher and more sustained growth," Lagarde concluded.

Prime Minister Mostafa Madbouli welcomed Lagarde's report on the Egyptian economy, stating that it reflects the recognition of the government's success in adopting the current reform program.

The Egyptian government began, 3 years ago, implementing a successful economic reform program under a financial agreement that resulted in successful macroeconomic stability.