IMF Lagarde’s remarks on Egypt’s economy show that country is on right track

Egypt’s Prime Minister Moustafa Madbouly said on Wednesday recent statements by IMF’s managing director praising the state of Egyptian economy indicate that the country is on the right track with its ongoing economic reform programme.

Last week, the International Monetary Fund’s (IMF) managing director Christine Lagarde said Egypt has made substantial progress as evident in the success achieved in macroeconomic stabilisation.

Lagarde noted that Egypt’s growth rate is among the highest in the region, with the budget deficit on a declining trajectory and inflation on track to reach the Central Bank of Egypt’s target by the end of 2019.

Lagarde also pointed out that unemployment has declined to around 10 percent, which is the lowest since 2011, and social protection measures have been expanded.

Madbouly said that Lagarde’s statements reflect the IMF’s appreciation for the government’s economic reform measures and show that it is on the right track.

During a Cabinet meeting on Wednesday, the Prime Minister noted that there is growing demand by firms and institutions around the world to invest in Egypt due to the success of the country’s economic reforms and development process.

Madbouly added that Lagarde’s remarks are having a positive impact internationally.

The prime minister also discussed the outcome of his recent visit to Switzerland to attend the Davos economic forum, saying that the Egyptian delegation received appreciation during the gathering thanks to the country’s successful economic reform programme.

On foreign relations, Madbouly praised the outcome of French President Emmanuel Macron’s recent visit to Egypt, which witnessed the signing of cooperation agreements in many areas to push forward bilateral relations and attract more French investments into Egypt.

Also at the meeting, Minister of Education Tarek Shawky said he discussed with Apple officials in Davos how to enhance cooperation and integrate technology into Egypt’s new education system using devices created by Apple.

Minister of Agriculture Ezzeddin Abu Steit reviewed the outcome of his recent visit to Zambia and his meeting with Zambian President Edgar Lungu in Lusaka to discuss cooperation between the two countries, especially in the fields of agriculture and fish farming.

Source: MENA