EgyptAir receives 9th Airbus aircraft A220-300, 3rd A320neo family aircraft    Egyptian chief of staff attends main phase of Bashir-21 military drills    Coronavirus infects hundreds in China's prisons as global markets take hit    Rawda Island where Shajar al-Durr hides Egypt's ruler body; unlucky prince build palace    Inaugural Alexandria Francophone Film Festival accepts entries    Strategy for electric car manufacturing in Egypt imperative    Saudi Red Sea Film Festival announces lineup    Berlinale celebrates 70 years with return to political roots    Shooting Club to convert membership cards into payment cards    Aswan's Toshka Culture Palace reopens after renovations    EBRD to lend Almarai $100m for dairy investments in Egypt, Jordan    Video: Egypt Joins 10 Most Powerful Militaries In The World 2020    'Incredible' Bale deserves more respect, says Casemiro    Iranians vote in election, hardliners set to dominate    Passenger train partly derails in Australia, killing 2    Taliban, Afghan officials say reach pact to reduce violence    China to play home leg of Olympic qualifier in Sydney due to coronavirus    List of sports events affected by new virus from China    Arsenal boss Arteta hails Saka impact after win at Olympiakos    Egypt's central bank keeps overnight interest rates steady    Egypt court reverses order to release activist Alaa Abdel-Fattah from detention    New Capital's Central Business District to receive EGP9bln investments during 2020    China's Hubei tells firms not to resume work before March 11 amid coronavirus worries    China warns of potential long-term impact of coronavirus on key industries    Catfish, tilapia fossils found in Libya's southwestern Sahara    South Korea announces first coronavirus death    Tomb of Rome's founder discovered    Pompeo says Ethiopia-Egypt massive dam dispute could take months    Sudan to host 14th Nile Day in Khartoum on Saturday    Man behind cut, copy and paste shortcuts dies aged 74    Eastern Mediterranean countries have the capacity to diagnose COVID-19: WHO    Etisalat Misr revenues increase 22% at 2019 end    Egypt posts 5.6% growth rate during H1 of 2019/20    Al Ahly play Zamalek for Egypt Super Cup in Abu Dhabi    Egypt's PM appoints Ahmed El-Sobky as head of General Healthcare Authority    Egypt court orders release of activist Alaa Abdel-Fattah    Samsung controls Egyptian smartphone sales, Huawei a far second    Al-Assad says recapturing Aleppo does not mean end of war    Sudan denies claims about relinquishing Nile water share to Egypt    Little Women on its way to become a classic    UEFA Champions League: defending champions Liverpool clash with Atletico Madrid    Sharm El Sheikh receives 2 UK flights in 4 years    Zamalek dominate Africa from Doha    Chinese Grand Prix likely to be called off amid coronavirus concerns    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Basketball legend Kobe Bryant, Daughter Gianna die in helicopter crash    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    

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

Egypt made great progress under its reform programme: Lagarde
Egyptian people sacrificed a lot to restore stability, says IMF
Published in Daily News Egypt on 13 - 04 - 2019

Washington, DC – "Egypt has made great progress under its reform programme. I think that what is remarkable is that there has been real ownership on the part of the Egyptian people who made huge sacrifices to restore a more stable situation and in order to align the Egyptian pound, for instance, with what we regarded and what the markets regarded as its real value relative to the economy,” the IMF Managing Director Christine Lagarde said.
Talking to Daily News Egypt during the IMF spring meetings on Thursday, Lagarde added, "We are getting close to the end of that programme, and we very much hope that the next review, yet to come, will be completed satisfactorily. I have received insurance from President Al-Sisi, as I said earlier this week, that Egypt will stay committed in order to complete the programme and deliver on their commitment.“
She has assured Al-Sisi that the IMF remains available to continue to help Egypt go forward in order to maintain stability and to ensure that growth continues to support the Egyptian economy, thereby creating jobs, she disclosed.
“I have specifically raised the issue of the entrepreneurship of young people and how they need a space and the freedom to operate in order to contribute to the economic development in Egypt. In return, the president he requested that we help in that respect as much as we can,” according to Lagrade.
During a press conference at the IMF's spring meetings, Lagarde said that the global economy is also currently quite uncertain, noting, “As I said a year ago, we were talking about synchronised growth and 75% of the global economy was going through that phase. We are now talking about a synchronised slowdown by 70% of the global economy.”
She disclosed that the IMF's forecast for growth this year is 3.3%, going back up in 2020 to reach 3.6%, which is subject to downside risks ranging from unresolved trade tensions, high debt in some sectors, and countries both in public and corporate, in addition to the Brexit which will affect growth.
“I would suggest multiple policies not a single policy because it will have to be country-specific, and there is no one-size fits all,” Lagrade said.
“We are looking at our debt sustainability analysis and conditionality as well as improving low-income countries' facilities, besides comprehensive surveillance. Therefore, we can harness the benefits of technologies and best practices in all countries around the world, in order to provide services that are expected by the members,” she explained. “In our fiscal recommendations, we strongly urge many countries to rebuild their fiscal buffers as it is essential for many developing countries.”

Clic here to read the story from its source.