
BLOOMBERG/SIMA DIAB
Egypt said the International Monetary Fund (IMF) is interested in starting a new programme to preserve the success achieved by its $12 billion loan agreement, reported Bloomberg.
In a statement the Prime Minister’s office said that while lauding Egypt’s efforts over the past three years, the IMF’s new Managing Director said that the fund needed to make a greater effort in developing the country’s human capital.
In a meeting with Prime Minister Mostafa Madbouly, Kristalina Georgieva, the IMF Managing Director stressed the fund’s desire to start a strong cooperation programme with Egypt in the coming period, in order to preserve the achievements realised under the reform programme and to aid with efforts” to boost structural changes.
The IMF programme is credited with helping restore investor confidence in the most populous Arab country, though critics say austerity measures to repair public finances have led to rising poverty rates.
MOST READ
ECONOMY
Oman plans to raise $1 billion to plug its...ECONOMY
Refinitiv partners with Complyfin in the UAEECONOMY
Abu Dhabi plans AED 10 billion in PPP tendersECONOMY
US weighs higher tariff ceilings in a bid for...ECONOMY
GCC oil wealth could be over by 2034 without...ECONOMY
Jordan agrees $1.3 billion IMF programmeECONOMY
Expo 2020 Dubai to contribute 1.5 per cent to...