IMF urges further reform effort
The International Monetary Fund praised Egypt’s economic recovery in April 2019 but urged the authorities to remain focused on reforms. After meeting President Abdel Fattah El Sisi, IMF’s man- aging director Christine Lagarde said the economy continued to grow robustly, unemployment was at its lowest level since 2011, foreign exchange reserves were at comfortable levels, and public debt was on a downward trajectory supported by growth-friendly consolidation e orts. She said: “We agreed on the importance of continuing with the authorities’ structural reform agenda, which aims to support inclusive growth and address constraints to private sector development.” She said the reforms would help achieve more sustainable, inclusive, and private-sector led growth, which would create jobs for Egypt’s young population. It was also important to ensure that adequate resources are available for social protection, she said. The Egyptian government has no plans to seek a renewal of the $12bn nancing agreement from the IMF when its Extended Fund Facility expires in 2019. Finance minister Mohamed Maait pointed to “some sort of cooperation” with the Fund. The IMF approved the release of the fourth tranche of $2bn in nancing in February 2019 after holding meetings with the Egyptian authorities taking total payments to $10bn.