The International Monetary Fund (IMF) Mission Chief for Egypt Subir Lall said that Egypt owns the fundamentals to attract new capital, referring to the success of Egyptian economy in facing number of obstacles supported by the economic reform program.
He added that there has been impressive progress on macroeconomic stabilization since the start of the authorities’ reform program. This reform has freed up resources for better targeted social spending aimed at those who need it the most.
He added that public finances have improved with the continued commitment to measures to achieve fiscal balance. “Measures have been taken to reform subsidies, which provided resources that were funnelled to the most vulnerable groups,” he explained.
He made these comments on the side lines of the 41th Door-Knocking delegation to the United States started Monday organised by the American Chamber of Commerce and Industry (AmCham) in Cairo.
A delegation comprising 35 of the most prominent Egyptian investors with direct business relations with U.S. market the 41th Door-Knocking delegation to the United States. Organised by the American Chamber of Commerce and Industry (AmCham) in Cairo, the delegation will start a series of meetings aimed at Building bridges of communication between the private sector in the two countries, and draw an accurate picture reflecting the reality of the development in Egypt,
Lall further noted that the economy needs to create around 700,000b jobs every year over the foreseeable horizon to meet the needs of Egypt’s young rapidly growing and young population and to improve living standards.
However, job creation at this scale has to be led by the private sector and in particular its new companies and the small and medium enterprises, that has been successful in creating jobs on this scale across both across both advanced, emerging and developing economies when deep and wide-ranging market friendly reforms have been implemented.