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2016-11-09 19:00:00

IMF WANTS MORE EGYPT

IMF WANTS MORE EGYPT

According to IMF,

  • The Egyptian authorities have embarked on an ambitious reform program to put the country's economy on a sustainable path and achieve job-rich growth.
  • The liberalization of the exchange rate and the adoption of the second phase of the fuel subsidy reforms are important measures in the authorities' reform agenda.
  • The IMF Executive Board will meet on Friday, November 11 to discuss Egypt's request for financial assistance under an Extended Fund Facility (EFF) for the amount of $12 billion.

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

"Over the past few months, the Egyptian authorities have embarked on an ambitious reform program to put the country's economy on a sustainable path and achieve job-rich growth.

"The liberalization of the exchange rate and the adoption of the second phase of the fuel subsidy reforms are important measures in the authorities' reform agenda. Allowing the exchange rate to be determined by market forces will notably improve Egypt's external competitiveness, address shortages of foreign currency, support exports and tourism and help attract foreign investment. Adjusting fuel prices will contribute to lower budget deficits and will free up public resources for much-needed and better targeted social spending on health, education, and growth-enhancing investments.

"The IMF Executive Board will meet on Friday, November 11 to discuss Egypt's request for financial assistance under an Extended Fund Facility (EFF) for the amount of $12 billion.

"I will recommend that the Board approve Egypt's request in support of this ambitious economic reform program that will help restore macroeconomic stability and bring Egypt's economy closer to its full potential."

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Earlier:

EGYPT: 

WBG BUYS EGYPT 

SAIPEM CONTRACT: $1.5 BLN 

ROSNEFT LNG FOR EGYPT 

EGYPT & SAUDI INVESTMENT FUND 

EGYPT SEEKS MONEY

 

IMF: 

IMF SELLS TO IRAN 

IMF BOUGHT UKRAINE FOR U.S. 

IMF BOUGHT IRAQ 

IMF BOUGHT AZERBAIJAN 

IMF WANTS WHOLE WORLD

 

 

Tags: IMF, EGYPT, GAS

Chronicle:

IMF WANTS MORE EGYPT
October, 18, 18:40:00

U.S. LNG RISK

There are more than a dozen LNG export projects currently being proposed to US regulators, though across the industry almost no final investment decisions have been announced over the last 18 months and some developers have delayed their decisions into 2018 or beyond. Few firm supply purchase agreements have been announced for the projects that have yet to commit to moving forward.

IMF WANTS MORE EGYPT
October, 18, 18:35:00

CANADA'S OIL PRICE: $50 - $53

According to the U.S. Energy Information Administration, Canada's largest energy customer has boosted domestic oil production from less than four million barrels per day in 2008 to 9.2 million bpd now, while gas output has risen from 67 million cubic feet per day to 89 million cf/d.

IMF WANTS MORE EGYPT
October, 18, 18:30:00

EGYPT SOLAR INVESTMENT

Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp.

IMF WANTS MORE EGYPT
October, 16, 12:25:00

OIL PRICE: ABOVE $57 AGAIN

International Brent crude futures LCOc1 were at $57.75 per barrel at 0733 GMT, up 58 cents from the previous close, after trading as high as $58.13. U.S. WTI crude was at $51.95 per barrel, up 50 cents. Earlier in the day, it traded as high as $52.22.

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