Egypt's economic reform programme continues to pay off, according to Subir Lall, the International Monetary Fund’s (IMF) Mission Chief for Egypt.
According to Egypt Today, Lall said that Egypt's economic reform programme is on track, noting that the “clear-cut” measures taken by the government is starting to bear fruit, citing the recent market confidence, growth rate and reduction in state budget deficit. He said that Egyptians will start feeling the effects of the country’s full economic reform programme in 2018.
He also said that the foreign currency reserve has reached to its highest levels since 2011, adding that the inflation rate recorded a steady decrease over the past three months.
“The IMF official continued to say that he has been following up the recent measures taken to lure investments of the private sector in the economic development plans as well as creating large number of job opportunities at the special economic zones of the Suez Canal Corridor and other areas across the country,” reported Egypt Today.
According to the IMF the recent decisions of the Central Bank of Egypt (CBE) were focused on guaranteeing the setback of inflation which reached its peak in July.