Arab Republic of Egypt : First Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Waivers for Nonobservance and Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

September 26, 2017

Electronic Access:

Free Full Text (PDF file size is 1372 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The launch of Egypt’s reform program was a reversal from past policies, which had led to a buildup of large external and fiscal imbalances. With the liberalization of the foreign exchange (FX) market, the parallel market was eliminated and FX shortages virtually disappeared. The ongoing fuel subsidy reform, wage restraint, and significant revenue gains from the new value-added tax (VAT) underpin fiscal consolidation, which is critical for debt sustainability. Structural reforms to revive growth and employment are progressing well. The reform program received strong approval from the business community, international development partners and foreign investors.

Series:

Country Report No. 17/290

English

Publication Date:

September 26, 2017

ISBN/ISSN:

9781484321058/1934-7685

Stock No:

1EGYEA2017002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

85

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