Tags: ML | Egypt | Economy

IMF Says Egypt on Track with Reform Program, Inflation Fight

Tuesday, 26 September 2017 09:38 AM

CAIRO (AP) — The International Monetary Fund has welcomed Egypt's economic reforms, saying it has made a good start at reining in public spending, boosting investor confidence, and addressing the surging inflation generated by the new policies.

In its first review since Egypt secured a $12 billion, three-year bailout loan in November, the IMF says Tuesday that Egypt's performance has been on track, allowing it to release a new $1.25 billion disbursement. That brings the total payout so far to $4 billion.

The Washington-based lender of last resort says energy subsidy reform, wage restraint, and a new value-added tax have all contributed to reducing the fiscal deficit and helped free up space for social spending to support the poor. Fighting inflation remains a priority, however.

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The International Monetary Fund has welcomed Egypt's economic reforms, saying it has made a good start at reining in public spending, boosting investor confidence, and addressing the surging inflation generated by the new policies.In its first review since Egypt secured a...
ML,Egypt,Economy
124
2017-38-26
Tuesday, 26 September 2017 09:38 AM
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