CBE governor: Egypt is not in need of new program with IMF

Governor of the Central Bank of Egypt (CBE) Tarek Amer said that Egypt’s economic reform program has exceeded expectations, noting that Cairo is not in need of a new program with the International Monetary Fund (IMF).

The IMF’s board of governors expressed keenness to cooperate again with Egypt, the CBE governor confirmed.

In statements to MENA on the sidelines of the Spring Meetings of the World Bank Group and the IMF in Washington, the CBE governor said that Egypt is adopting liberal policies given the country’s aim to boost economic growth via depending on various funding sources, and not only the domestic savings.

The unemployment rate has reached 13%, Amer said adding that, the budget deficit, in only two years, declined to EGP 6 billion from EGP 20 billion.

EGP 160 billion have been allocated for investments by the Finance Ministry, Amer noted.

Source: State Information Service Egypt