Maait: Egypt Proceeds Steadily in Implementing IMF Reform Programme

Finance Minister Mohamed Maait affirmed that Egypt is proceeding steadily in implementing the economic reform program in cooperation with the International Monetary Fund (IMF) through the completion of structural reforms agenda.

The minister added that that the programme is entended to give the private sector a bigger role to lead the engine of economic growth, provide more job opportunities and better services to citizens.

Maait pointed out the implementation of a comprehensive package of policies aimed at stabilizing macroeconomic performance indicators and expanding social protection, so that a primary surplus is maintained. In a way that contributes to reducing the deficit and debt rates of the GDP, and creates a financial space that enables us to absorb inflationary pressures resulting from the global economic crises.

"The Egyptian economy is not immune from regional and global economic developments and challenges, and we are dealing with more flexible and balanced policies," he said, according to a statement issued today, Sunday.

This came during his meetings with a number of representatives of the International Monetary Fund on the sidelines of the spring meetings of the International Monetary Fund and the World Bank in Washington.

He added that the Egyptian government has taken many measures and initiatives that stimulate the private sector and support production, including the "State Ownership Policy Document", which contributes to creating a more attractive environment for private investments with promising development opportunities with preferential advantages in priority sectors at the local, regional and international levels.