Sisi Directs Concerned Bodies to Implement Mega Projects

By Nawal Sayed

CAIRO, Dec. 30 (SEE) - President Abdel Fattah El Sisi met with

Prime Minister Moustafa Madbouly Sunday and discussed the government's efforts

to implement mega developmental and national projects, to date and the

remainder of their implementation until June 30th, 2020; most notably

the new administrative capita, central area of the Green River, new Al Alamein

city and the furniture city in Damietta.

President Sisi emphasized the need to

continue working on the implementation of the mega developmental and national

projects in accordance with the timeline set for their completion, which will

represent a major stride and a starting point for the reconstruction of the

state, based on solid economic foundations and infrastructure conducive to

achieving progress in all areas in Egypt.

According to a press statement released by

the presidential media office on Sunday, Madbouly confirmed that the state is

executing an economic reform program in tandem with the implementation of a

multitude of national projects that aim to promote the citizens' living

standard and improve the services delivered to them in the various services and

developmental sectors across the republic.

He noted that this has led to the

improvement of the economic situation and the positive development in economic

indicators, including the decrease in unemployment rates and inflation as well

as the improvement of Egypt's credit rating.

Sisi held another meeting with the Central

Bank of Egypt Governor Tarek Amer and revealed that Egypt expects to receive

the fifth installment of its $12 billion IMF loan programme in January.

The International Monetary Fund offered the three-year loan programme in 2016 after Egypt agreed to a package of reforms including the devaluation of the pound, cuts to energy subsidies and the introduction of a value-added tax. 

The IMF postponed a review of Egypt's economic reform programme, initially planned for earlier this month, prompting speculation that the fifth tranche of the loan, worth $2 billion, might be delayed. 

However, Amer briefed President Sisi on Sunday on the "positive results" of the IMF's most recent staff team visit to Egypt, Sisi's office said in a statement. 

This included "commendation of the government's rigorous adherence to the implementation of targeted reform measures according to predetermined timetables, with delivery of the $2 billion fifth tranche of the IMF loan expected in January 2019," according to the statement. 

Sisi spoke by phone to IMF Managing Director Christine Lagarde about the implementation of the reform programme on Dec. 21, the presidency said at the time. 

Many economists have praised Egypt's economic reforms over the past two years, though austerity measures have caused immediate pain for wide swathes of Egypt's 98 million population. 

Egypt earlier this year approved a mechanism to link domestic fuel prices to those in the international market as it gradually weans the country away from most energy subsidies, but the government has yet to implement it.