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Gerry Rice, Director of Communications at the International Monetary Fund (IMF) said that the fund is expected to reach an agreement with Egypt very soon for extending further accommodation to Egypt in the form of the Extended Fund Facility started in March. One of the glitches that come in the way is the uncomfortable exchange rate of the Egyptian Pound against the US dollar
Gerry Rice, Director of Communications at the International Monetary Fund (IMF) said that the fund is expected to reach an agreement with Egypt very soon for extending further accommodation to Egypt in the form of the Extended Fund Facility started in March. One of the glitches that come in the way is the uncomfortable exchange rate of the Egyptian Pound against the US dollar.
IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings recently held in the US. Both sides agreed to finalize their work to reach a Staff-Level Agreement very soon.
The IMF officials maintained that the continued fiscal consolidation path will safeguard public debt sustainability and ensure a steady decline in the debt-to-GDP ratio over the medium term. It also advocated expanding further the social safety net for the most vulnerable, improving the budget composition, and enhancing fiscal transparency. The IMF also said that the country has to address the inflationary expectations using the right monetary and fiscal policies.
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The IMF hoped that the implementation of the authorities’ comprehensive structural reform agenda would gradually enhance the competitiveness of the economy, reduce the role of the state in the economy, level the playing field for the private sector, improve the business climate, and foster transition towards a greener economy.
