International Monetary Fund (IMF) managing director Christine Lagarde says Egypt’s economy has continued to show strong growth, with unemployment falling to its lowest levels since 2011, Ahram Online reported Wednesday (April 10th).
Lagarde met with President Abdel Fattah al-Sisi in Washington, D.C., on Tuesday to discuss the progress of Egypt’s economic reforms, backed by a three-year, $12 billion IMF loan programme.
"The economy continues to grow robustly, unemployment is at its lowest level since 2011, foreign exchange reserves are at comfortable levels, and public debt is on a downward trajectory supported by growth-friendly consolidation efforts," Lagarde said in a statement.
The loan programme, which Lagarde said has progressed well, began in 2016 and is tied to tough reforms including a sharp currency devaluation, deep cuts in energy subsidies and the introduction of a value-added tax.
Some $10 billion already has been disbursed under the deal, with a final of six $2 billion tranches due after completing a final review in June.
The reforms are aimed at reviving Egypt’s economy and drawing back investors.
