CAIRO: Officials at the International Monetary Fund (IMF) and World Bank said Tuesday at the opening of the Euromoney Egypt Conference that some of the country’s economic reform measures are promising, but that Egypt still must ensure future legislation to return the confidence of investors, Youm7 reported.
The Egyptian government is taking serious steps in economic reform, said Chris Jarvis, the IMF mission chief for Egypt, in his speech at the conference.
Under the slogan of “Stability, Investment and Growth,” the conference says it aims to create and lure new investments to revive Egypt’s limping economy hit by political upheaval since the January 25 Revolution.
Egypt should achieve an 8 percent economic growth rate and boost employment to be in the right track, he said, adding that citizens should feel the change and “we” should see the recently launched projects on the ground.
Jarvis stressed that the IMF has been maintaining strong ties with Egypt, adding that the fund provides financial advice to the government.
For her part, Keiko Honda, executive vice president and chief executive officer at the World Bank’s Multilateral Investment Guarantee Agency (MIGA), said that investors are confident in Egypt’s investment atmosphere, but they are waiting in anticipation of the restructuring of investment legislations and laws.
A survey conducted by MIGA revealed that investors interested in Egypt suspended their plans for the country after the January 25 Revolution, and await stability.