16 November 2019 01:49 AM

IMF: Egypt’s economy ready for receiving more FDI

Saturday، 19 October 2019 - 01:57 PM

Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour commended the achievements attained by Egypt’s economic reform program over the past period after the latest IMF review of the country’s performance in July.

Speaking at a press conference held as part of the annual meetings of the IMF and the World Bank that are currently being convened in Washington, he said the developments accomplished in the program show the ability of the Egyptian economy to receive more foreign direct investments.

He praised the progress achieved by Egypt especially with regards to its macroeconomic indicators, saying that the country’s financial position has notably improved and so has its foreign currency reserves, pointing out to the gradual decline in inflation whose rate of decrease is projected to range between 4-5% by the end of the current fiscal year.

Elaborating, he said the significant drop in inflation rates, gave the Central Bank of Egypt the chance to reduce interest rates, noting that Egypt’s economic reform program targets improving the economy and providing a social protection net for the marginalized and most vulnerable groups of the society.

He promised continued IMF support for Egypt, noting that Egypt has made tangible progress pertaining to economic stability and introducing structural reforms that aim at strengthening economic growth and backing the pivotal role played by the private sector in generating jobs.

MENA

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