IMF to participate in Egypt Economic Summit in February
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CAIRO: The International Monterey Fund (IMF) has expressed its willingness to participate in the Egypt Economic Summit due to be held on Feb. 15.

“The Egyptian authorities have not asked us for a loan, but they have indeed told us that they would like us to participate in the Egypt Economic Summit, and we are happy to do so,” said IMF Managing Director Christine Lagarde in an interview with Asharq Al-Awsat newspaper Sunday.

On Sept. 9, Egyptian Minister of Planning Ashraf al-Araby said both the IMF and World Bank will participate in the Development Partners conference that will be held in the resort town of Sharm el-Sheikh on Feb. 15.

Lagarde praised the economic reforms recently carried out by Egypt, adding that such reforms are encouraging and that the IMF “could provide participants in the conference with an assessment of how those reforms can help restore durable economic stability and sustainable growth to Egypt.”

Regarding macro projects such as the Suez Canal development project, Lagarde said the project could help the budget and Egypt’s balance payment position, although it would take time. She also noted Egypt will still need help from “partners abroad,” to complete it.

The IMF and World Bank said on Sep. 16 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.

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