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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
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

IMF WANTS MORE EGYPT
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

IMF WANTS MORE EGYPT
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

IMF WANTS MORE EGYPT
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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