Egypt says no need to embark new economic reform plan

Egypt’s central bank governor said on Friday the country would not need to reach a new economic programme following successful bold reforms that led to fiscal and cash stability.

Egypt will continue to coordinate with the International Monetary Fund (IMF), Amer added on the sidelines of the IMF/World Bank annual spring meetings in Washington.

Egypt signed a three-year $12 billion loan programme with the IMF in late 2016 as it sought to attract back international investors who pulled out after an uprising in 2011.

The government imposed tough reforms, including a steep currency devaluation and deep cuts to energy subsidies and introducing a value-added tax.

Egypt is set to remove remaining subsidies on most energy products by June 15, it told the IMF in a January letter released by the fund on Saturday as part of a review of the loan programme.