World Bank president applauds Egypt’s economic reform

CAIRO – 12 October 2017: Egypt’s economic reform program is moving on the right track, President of the World Bank Jim Yong Kim said in a Thursday press conference, on the sidelines of the World Bank-International Monetary Fund (IMF) annual meetings in Washington D.C.

“In 2013, Egypt was spending more on energy subsidies than health and education,” Kim said, noting that the government was able to save around $13 billion for low-income citizens.

A number of investors have started to regain confidence in the Egyptian economy, which will bring more foreign direct investment to the country, Kim added.

The official Egyptian delegation attending the annual meetings will discuss the latest updates in the economic reform program and will also arrange the agenda of the IMF’s delegation, which will visit Egypt in October to review and discuss methods of providing technical assistance to Egypt and the Ministry of Finance in the upcoming period.