The Central Bank of Egypt (CBE) and the Finance Ministry have hailed as “successful” talks with directors and experts of the International Monetary Fund (IMF) that led to a full agreement on new economic policies and reforms that should be adopted by Egypt.
The new Egyptian economic reform program will be supported by the IMF, the Finance Ministry said in a statement Sunday.
The new program is about financial and monetary policies, as well as structural reforms, read the statement.
It is meant to maintain financial discipline and reduce government debt to below 80 percent of the Gross Domestic Product (GDP) in the medium term, the Ministry noted.
The statement added that the new program also seeks to diversify financial resources and improve the efficiency of revenues and spending.
The program has in its heart expanded funding of social protection plans, especially those meant to increase the income of civil servants, as well as insurances and pensions.
The monetary policies will, meanwhile, focus on controlling inflation rates and maintaining the stability of exchange rates.
Structural reforms are also included in the program with the aim to hone competitiveness of the Egyptian economy, improve entrepreneurship and boost production and export rates.
The Finance Ministry and the IMF are expected to announce details of the new program in Cairo in the near future.
Source: State Information Service Egypt