Egypt's economic policy reforms are starting to pay off and growth is strengthening though the country still faces a difficult situation, Masoud Ahmed, director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) told Reuters this week.
Ahmed described the discussions the fund had with the Egyptian delegation to the IMF's semi-annual meetings in April as "good," adding that an IMF technical assistance team would be sent to Cairo next month.
He praised the moves taken by the government to lower the budget deficit and spur growth, saying that they had started to bear fruit. "It is moving in the right direction," he said, predicting growth of about four per cent this year, roughly twice the level seen a year ago.
Egypt requested an IMF loan soon after the 25 January Revolution, but this never materialised due to political turmoil and the resulting economic upheaval. While the current government has not requested a loan from the IMF, according to Ahmed, he said the Fund was willing to "to provide assistance if asked".
© Al Ahram Weekly 2015
