{"id":28337,"date":"2018-10-19T12:56:31","date_gmt":"2018-10-19T12:56:31","guid":{"rendered":"https:\/\/v2.ecomnewsmed.com.ecn-01.ovea.com\/2018\/10\/19\/imfs-managing-director-praises-egypts-economy\/"},"modified":"2020-08-11T11:34:09","modified_gmt":"2020-08-11T09:34:09","slug":"imfs-managing-director-praises-egypts-economy","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2018\/10\/19\/imfs-managing-director-praises-egypts-economy\/","title":{"rendered":"IMF\u2019s Managing Director praises Egypt\u2019s economy"},"content":"\nEgypt has recently been crowned Africa\u2019s best country for investment for the second year in a row. Good news comes in pairs as they say. \nFollowing a meeting with President Abdel Fattah al-Sisi in New York, International Monetary Fund (IMF) Managing Director Christine Lagarde made a very positive statement regarding the progress of structural reforms in the country of Pharaohs. Lagarde stated that Egypt\u2019s economy was showing strong signs of recovery and reiterated the IMF\u2019s will to capitalize on Egypt\u2019s macroeconomic gains to advance the authorities home-grown structural reforms. \n\u201cThese reforms will help achieve more sustainable, inclusive and private-sector led growth which will help create jobs for Egypt\u2019s young population\u201d, Lagarde stated on the sidelines of the 73rd session of the United Nations General Assembly (UNGA 73).\nOne of the world\u2019s fastest-growing Economys\nA report released by the Centre for International Development in Harvard University classified Egypt as the second fastest growing economy in Africa in the coming decade, after Uganda. It is also the fastest growing economy in the MENA region. \nIn exchange for issuing the IMF\u2019s loan programme, Egypt had to cut down state subsidies and to devalue its currency. Months later, the Egyptian pound halved against the greenback and inflation rose. So far, Egypt has received US $8 billion out of the promised 12 billion. \nAt the end of summer, the new government announced that the country will start the repayment of the IMF loan in May 2021, starting with a US $2.75 billion tranche, with equal tranches that would end by 2026.\n","author":79,"featured_media":3859,"comment_status":"open","ping_status":"open","template":"","tags":[5754,5752,5764,5761,5763,5751,5756,5753,2961,5750,5759,5762],"location":[5600],"class_list":["post-28337","news","type-news","status-publish","has-post-thumbnail","hentry","tag-business","tag-business-support","tag-communities","tag-decision-makers","tag-direct-broadcasting","tag-economy","tag-employment","tag-entrepriseslife","tag-institutions","tag-news","tag-politics","tag-trending","location-egypt"],"short_url":"","have_related_news":null,"chapo":"\u201cPresident El Sissi and I discussed the good progress under Egypt\u2019s economic reform programme supported by the IM\u2019s US $12 billion Extended Fund Facility\u201d, said Ms. Christine Lagarde, Managing Director of the International Monetary Fund. After relatively strained discussions a year ago, the IMF has been making more positive statements about Egypt in recent months.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/lagarde-elsissi.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/lagarde-elsissi.jpg 550w","sizes":"550px","alt":"Le FMI d\u00e9bloque deux milliards de pr\u00eat pour l\u2019Egypte, une aubaine pour Al Sissi ? 1","width":550,"height":360,"ratio":0.75,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/lagarde-elsissi.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/lagarde-elsissi.jpg 1170w","sizes":"1170px","alt":"Le FMI d\u00e9bloque deux milliards de pr\u00eat pour l\u2019Egypte, une aubaine pour Al Sissi ? 1","width":1170,"height":658,"ratio":0.75,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMF\u2019s Managing Director praises Egypt\u2019s economy - Ecomnews Med<\/title>\n<meta name=\"description\" content=\"Egypt has recently been crowned Africa\u2019s best country for investment for the second year in a row. 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