Egypt’s 1st phase of economic reforms successful: IMF’s Director

Dubai – 12 February 2018: International Monetary Fund Director of the Middle East and Central Asia Department Jihad Azour affirmed to Youm7 that Egypt’s first phase of economic reforms was successful.

Azour affirmed that Egypt was able to achieve stability by gradually reducing the level of inflation and regaining confidence, which translated into massive capital inflows and recovery in some key sectors such as export and tourism.

Azour added that Egypt is gradually moving towards more structural reforms that will help reduce the social pressure on low-income citizens and provide opportunities for new business and job creation.



Egypt made a difficult decision to liberalize the exchange rate, but it sure did the trick of increasing the country's foreign currency reserves, Managing Director of the International Monetary Fund (IMF) Christine Lagarde said in January.