IMF Mission to Egypt: Improvement in Targeting of Energy Subsidies

Cairo

Cairo

A staff mission from the International Monetary Fund visited Cairo during April 2-15. At the conclusion, Andreas Bauer, Mission Chief for Egypt, issued the following statement:

“The mission made progress in the discussions with the Egyptian authorities on their economic program and possible financial support from the IMF.

“The authorities have already taken valuable first steps to improve the targeting of energy subsidies and are seeking to broaden their revenue base. They intend to build on these steps with further actions to address – in a socially balanced way – the country’s fiscal and balance of payments deficits, and create conditions for a sustained recovery of the economy.

“The mission was encouraged by the constructive positions and views expressed by the representatives of political parties on economic reforms and possible IMF support. All sides concurred on the need to protect the vulnerable sectors of society when implementing reform measures.

“Discussions with the authorities will continue with the objective of reaching agreement on a possible Stand-By Arrangement in support of Egypt.”


Tags assigned to this article:
egyptimf

You may have an interest in also reading…

Digitalisation and 4IR in MENA: Augmented Intelligence from Data and Self-Learning

Bashar Kilani oversees IBM business in the Gulf Countries and the Levant, working with clients and partners across industries. Kilani

CFI.co Meets Fady Jamaleddine

Fady Jamaleddine (FJE) is the Founding Partner of MENA City Lawyers – MCL Lebanon, whereby he brings to the team

The Time Is Now: Paradigm Shift Signals Opportunity

Few people realise that in 2013 a turning point was reached. In that year, emerging economies displaced developed markets as