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Lagarde: Egypt is moving in the right direction
3/12/15
Washington: confirmed in the International Monetary Fund director Christine Lagarde, that Egypt continues to move in the right direction, noting that the Egyptian government has developed to meet the economic aspirations of the country's ambitious plan. Lagarde added that the mission of the government and the people of Egypt is the need to persevere in the implementation of economic reforms because it is the main requirement for the time being, and that although it is not easy as she put it. Lagarde said before leaving Washington on the way to Sharm el-Sheikh to participate in the support and development of the Egyptian economy, "the future of Egypt" conference, the conference provides an opportunity for Egypt and its development partners and the IMF to deepen the dialogue on how best to help the Egyptian economy. She explained that the conference is an opportunity for the Egyptian government to ask what has been done already, and what is being planned to meet the challenges it faces.
Predicted general manager of the fund more stable of the Egyptian economy and the improvement in growth and employment rate, noting that it is expected - with the continued application of the stated plans that the growth rate in 2014/2015 up to 4 percent and 5 percent in the medium term. Lagarde praised the steps that have been taken to reform the tax system, to ensure the fairness of the payment of taxes due at the time which it welcomed the recent moves the exchange rate. Lagarde noted in its dialogue to actions that have been taken to strengthen social safety nets, particularly "innovative solution" to the system ration cards and other programs.
Lagarde expressed the belief that Egypt could do more to empower women, especially that of women's participation in the labor market in Egypt is not to exceed 25 percent. And objectives of the Fund to participate in forms of cooperation that could be achieved between the Fund and Egypt in the near future ..qalt Lagarde: hold this conference in a critical time of Egypt pass it at a critical juncture economic conference .. The authorities have been developed to meet the aspirations of Egypt's economic - that ambitious plan The stability and job creation - as it continues to move in the right direction .. and now see an improvement in the level of confidence .. and my message to the Egyptian authorities and the Egyptian people is that perseverance in implementing reforms is the main demand at the moment. This is not easy, but the conference provides an excellent opportunity for all of us - Egypt, and their development partners, and the International Monetary Fund - even deepen the dialogue between us and focus on the best of each of us can do to help in this regard. She added that the Fund has concluded a short time ago Rated rotating state of the economy, and I mean "Article IV consultations", and therefore we can express our views on the prospects for Egypt and its economic policies. And will continue our cooperation with Egypt after the conference through dialogue on economic policies and provide technical assistance.
In addition, as emphasized on more than one occasion, the Fund stands ready to support Egypt and its people through the financial agreement, if so requested by the Egyptian authorities. And see what Egypt is trying to achieve from this conference, and can support development projects in Egypt, Lagarde said, that the conference is an opportunity for the government to clarify what has already accomplished and what you plan to accomplish in order to address the great challenges facing ... and will be at the forum to present and discuss investment opportunities with foreign partners. We feel that it would be extremely useful for development in Egypt that this investment is flowing to most sectors contribution to growth and job creation. I do not mean it, "mega-projects" only, but the small and medium enterprises may be more important. And their expectations about the growth of the Egyptian economy in the short and medium term, Lagarde said, there are now hopeful after several tough years ... were the actions taken in the past year to pay off in terms of higher confidence level began, as the growth of gross domestic product increased 6.8% to record in the first quarter of the current fiscal year.
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