IMF sees growth ahead for Algeria    Egyptian pound inches down in early July 1 trading    Madbouly represents Egypt at 4th UN Conference on Financing for Development in Seville    Bloody escalation in Gaza amid warnings of humanitarian, health catastrophe    Egypt, Iran FMs discuss Gaza truce, nuclear talks revival    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Peace is not imposed by bombing… nor achieved by normalisation peoples reject: Al-Sisi    Spinneys Opens A New Store in Hurghada    Egypt to launch new dialysis filter factory in July, covering 65% of domestic demand    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Egypt leverages diplomacy to advance global health partnerships    Egypt to toughen truck safety rules following fatal Ring Road accident    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation    Egypt's commodity reserves "very reassuring", some stocks sufficient for 9 months — trade chief    Egypt's FM, China's Wang discuss Iran-Israel escalation    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IMF delegation in Egypt ahead of delivering 2nd tranche of loan, equivalent to $1.25 billion
Published in Ahram Online on 29 - 04 - 2017

A delegation from the International Monetary Fund (IMF) arrive in Cairo Sunday to follow up on the progress in the country's economic reform programme ahead of delivering the $1.25 billion second tranche of an IMF loan, according to a finance ministry statement Saturday.
The visit is due to last until 11 May and includes meetings with officials from the Central Bank of Egypt (CBE) and finance ministry to discuss plans for the second phase of the country's reform programme, including the 2017-2018 state budget, and structural reforms adopted by the government.
Ahmed Kajok, deputy finance minister, said that the national economic reform programme agreed with the IMF targets an economic growth rate of 5.5 percent by the year 2018/2019, aimed at securing increased employment through reforms to increase competitiveness, attract investment, increase exports, and reduce the budget deficit from 3.5 percent of the Growth Domestic Product (GDP) during 2015/2016, to a surplus starting 2017/2018. The programme also aims to reduce internal debt to 90 percent of GDP by 2018/2019.
These steps, together with monetary policies, aim to achieve stability at the macroeconomic level and reduce inflation.
Minister of Finance Amr El-Garhy said Egypt will acquaint the delegation with the latest developments on employment, inflation, and growth rates, the balance of payments and external accounts, and on efforts on financial regulation and reducing the deficit and public debt, as well as reviewing Egypt's vision for future reform.
El-Garhy stressed that IMF and international support to Egypt's reform programme sends significant message to local and foreign investors, backing government plans to focus on removing all obstacles to enable the development of national industry, the finance ministry statement read.
According to Kojak, as the state reaps the benefits of reform, it can increase public spending on education, health, infrastructure investment, such as social housing projects, address underdeveloped areas, poor villages, public transportation, water and sanitation, as well as social protection programmes, such as monetary subsidy programmes to those in need.
Kajok confirmed that the IMF loan will finance the budget deficit as well as enhance foreign currency reserves at the Central Bank.
IMF managing director Christine Lagarde reiterated the organisation's support for Egypt's economic reform programme following a Washington meeting with Egyptian President Abdel-Fattah El-Sisi early April.
Lagarde described Egypt's economic reforms as a strong programme "to help the economy return to its full potential, achieve more growth and create more jobs."
According to CBE figures 1 April, Egypt's foreign debt jumped 40.8 percent year-on-year to $67.32 billion in December.
Egypt is negotiating billions of dollars in aid from various lenders to help revive the economy and ease a dollar shortage that has crippled imports and driven away foreign investors.
Egypt has received the first tranche of a three-year $12 billion loan deal struck with the IMF, and is expecting to receive the second tranche soon.
The second tranche of a $3 billion loan from the World Bank was disbursed to Egypt last month.


Clic here to read the story from its source.