CAIRO: Egypt and the International Monetary Fund (IMF) will start consultations next month in the run-up to the IMF releasing a report about the performance of Egypt’s economy, Minister of Finance Hani Kadry said in a Sunday statement.
Kadry said Egypt has moved from a political transition phase to one of stability following new social and economic policies, according to the statement.
“Egypt aims to receive the IMF report ahead of the economic summit set to be held in Sharm el-Sheikh in February,” Kadry said during his participation in the fall meeting of the IMF and the World Bank.
The minister said the government has implemented the economic and fiscal reforms announced six months ago, including tax reforms and the cutting of fuel subsidies.
Kadry also said Egypt has great economic growth potential and the government offers many investment opportunities for private investors.
“There are positive signs of improving economic performance, most notably the bullish trend of the stock market indices, and foreign capital inflow into the market,” said Kadry.
He added fiscal and economic reforms will achieve stability in the medium-term, predicted the budget deficit would shrink to 8 percent and that general debt will range between 80 percent to 85 percent— down from its current 97 percent—within four to five years.