IMF chief Lagarde ‘very impressed’ by Egypt’s economic reforms
Egypt counts on positive IMF assessment to boost investment
The managing director of the International Monetary Fund said she was “very impressed” by Egypt’s economic reforms, ahead of a long-delayed economic assessment which if positive could help attract investment.
“I’m very impressed by what the Egyptian authorities are implementing in terms of reform,” Christine Lagarde told Al Arabiya’s Lara Habib at the IMF annual meeting in Washington.
“We have been in close contact for technical assistance matters… will soon be able to work with Egypt on an article 4 review, which is normally conduct every year and which is overdue in the case of Egypt,” Lagarde added.
She denied any new loan programs to Egypt, but noted the organization is rapt with the country’s economic reforms.
Egypt is planning to hold a major investment conference in February and is counting on a positive IMF assessment to win the trust of foreign investors.
The government said it wants the results published before the Egypt Economic Summit in Sharm el-Sheikh, according to Reuters.
“We hope that the (IMF) report comes in favor of Egypt and contributes to the return of foreign flows, either directly as investments in the real economy or indirectly by improving the stock market,” the finance ministry statement said.
Egypt has not held Article IV consultations, where IMF experts assess a country’s financial and economic state of affairs, since March 2010, according to the IMF.
Mubarak’s ouster and the political turmoil that followed it triggered a sharp decline in foreign investment and tourism revenues, hammering the country’s economy.
Oil extends losses as IMF cuts global growth forecastsOil prices fell further to multi-month lows in Asian trade Wednesday Energy
What the IMF meetings could tell usDespite yet another challenging year on the political front, we had a few celebratory moments on a more cheerful business front. Stock markets, ... Opinion
IMF trims forecast for global economic growthThe lower outlook was mostly due to weaker expansions in Japan, Latin America and Europe Economy
IMF warns Iraq crisis could lead to higher oil pricesLagarde said the turmoil in the Middle East would be at the center of the annual Meetings of the International Monetary Fund (IMF) Energy
Egypt to ask IMF for first ‘Article IV’ consultations in 3 yearsEgypt has not held Article IV consultations since March 2010 Economy
IMF approves $217m loan disbursement to TunisiaThe latest disbursement brings the total funds released under the program to about $1.1 billion Economy
IMF chief Lagarde under investigation in FranceLagarde is the third IMF managing director in a decade to face legal troubles Banking & Finance
IMF authorizes $560m loan to YemenPlanning and Finance Minister Mohammed al-Saadi said the funds would be paid over three years and the government expected the first payment within two months. Economy
Sisi's bold start on economic reforms buys Egypt some timeIMF-style subsidy cuts, tax hikes avoided popular backlash Business
IMF: Dubai’s finances stronger but still vulnerableDubai’s government debt is expected under a baseline scenario to fall gradually to 41.6 percent of GDP in 2019 Business