IMF welcomes reform progress in Egypt

Central Bank of Egypt. Photo: Muhammad Mansour

A flexible exchange rate, tighter monetary policy and fiscal reforms in Egypt, alongside financial support provided by the International Monetary Fund, are contributing to the stabilisation of the economy, the IMF says.

The fund published its latest assessment of the Egyptian economy on January 23, noting a “macroeconomic turnaround”.

A set of policies that included a fixed exchange rate coupled with energy and food subsidies had prevented the economy from growing faster, the fund says. These

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