IMF ‘Supports’ Egypt’s Economic Reform Program

The International Monetary Fund’s (IMF) Managing Director Christine Lagarde reiterated her support for Egypt’s economic reform program, during her meeting with Egypt’s President Abdel Fattah Al-Sisi in Washington.

Lagarde asserted that the IMF will continue its support for the Egyptian economy and the reform program undertaken by the Egyptian government. She also described the program as a strong one that will help the economy return to its full potential.

Lagarde also said in a statement that the IMF is currently working to help the Egyptian government and the central bank bring inflation under control to protect the most vulnerable citizens.

Al-Sisi stressed during their meeting that Egypt is adhering to the full implementation of the program, adding that Egyptian people have shown patience and understanding to these tough measures as they believe that these reforms are mandatory.

The Egyptian President went on to say that Egypt is working on providing a good atmosphere for foreign investors and alleviating the bureaucratic procedures for investors to create more jobs and achieves more growth. Al-Sisi also added that Egypt is taking both administrative and legislative measures to enhance investments.

Egypt has undertaken several measures in 2016 to restore its economy after the discrepant and wide gap between US dollars in the black market and banks. The Central Bank of Egypt decided to float the currency, consequently leading to significant price hikes.