21 October 2012

Egypt: Good News From IMF

The International Monetary fund (IMF) has announced that Egypt could achieve economic growth this year that will bring its gross national product to $267 bn in 2013, up by 23% than 2010. A delegation of the IMF experts who forecast Egypt's economic growth will arrive in Cairo this week to complete talks with the government on the Egyptian economic program which will be carried out by Egypt as a condition for getting a loan worth 4,8 bn dollars.

Minister of finance Momtaz El Saeid said IMF Director General Christine laggards expressed the IMF keenness to extend the necessary support for Egypt at the present time in view of the political framework which is currently available. The Minister of Finance said the IMF of official expressed their support for the economic and social reform plans which were set by the government and the IMF willingness to extend necessary technical support needed by Egypt in the light of its priorities.

The Minister of Finance said reform programs which are carried out by the government to increase growth and investment rates depends on injecting direct government investments, in the near tern and providing a number of projects in the light of partnership program with the private sector valued at 4 billion dollars in the sector of fresh water, recycling solid waste, roads, health, and information technology. The Minister of Finance said the government will adopt an ambitious program for rebuilding financial stability depending on rationalizing, upgrading efficiency of taxation system, expanding social solidarity for the less income brackets and underprivileged categories.

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