Positive indicators for Egypt economy

Head of the International Monetary Fund Christine Lagarde lauded the positive indicators achieved by the Egyptian economy recently, asserting the readiness of the IMF to offer Egypt the needed loans to push the national economy forward.

In an interview with the London newspaper of Al Hayat, the Saudi edition, Lagarde said, on the sidelines of the Spring Meetings of the World Bank and International Monetary Fund in Washington, that Egypt can ask for any developmental program from the IMF at anytime that seems suitable for its authorities.

The Egyptian government started to achieve improvement in the level of confidence, she said, adding that the growth of the gross domestic product increased in the first half of the current fiscal year.

It is expected that the Egyptian economy will become more stable with the implementation of current policy plans, Lagarde said.

In the gas market, Egypt is moving in the right direction, she said, adding that the reform measures taken by the government helped in slashing the cost of fuel subsidy which is a burden on the budget.

Lagarde said that GCC member states achieved strong growth but it is important to increase the economic diversity with the decrease of petroleum revenues.

She also welcomed the framework agreement between Iran and major states about the nuclear program of Tehran, saying that this agreement can stimulate the international and regional economy.

Answering a question on the outcome of the Spring Meetings concerning the Middle East, Lagarde said that the region will face more challenges, adding that there is a negative security, social and economic impact on neighboring states.

On Yemen, Lagarde expressed sadness over the deteriorating security and economic situation in the country.
Source: MENA