Statement by IMF Managing Director Christine Lagarde on Egypt
IMF News, January 25, 2019
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- Statement by IMF Managing Director Christine Lagarde on Egypt
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- Published: January 25, 2019
Overview of progress and macroeconomic stabilization
- Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an IMF financial arrangement.
- Since 2016, Egypt has made substantial progress as evident in the success achieved in macroeconomic stabilization.
- Key outcomes highlighted:
- Growth rate is now among the highest in the region.
- The budget deficit is on a declining trajectory.
- Inflation is on track to reach the Central Bank of Egypt’s target by the end of 2019.
- Unemployment has declined to around 10 percent, which is the lowest since 2011.
- Social protection measures have been expanded.
Policy recommendations and priorities
- Continue to build on progress and press ahead with structural reforms that:
- Facilitate private sector-led growth and job creation.
- Increase transparency and accountability to help improve governance.
- Objective: attain higher and more inclusive growth and ensure better living standards for all Egyptians.
IMF program status and next steps
- The IMF staff team has finalized the details required to present the fourth review for Egypt’s Extended Fund Facility arrangement to the IMF’s Executive Board.
- The Board will meet in the coming weeks to discuss the review.
- Christine Lagarde will recommend that the Board approve the review.
- The Fund stands ready to help achieve a more prosperous future for Egypt.
Administrative and press information
- Press Release No. 19/18
- January 25, 2019
- IMF Communications Department
- PRESS OFFICER: Randa Elnagar
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Statement by IMF Managing Director Christine Lagarde on Egypt, January 25, 2019.