Urgent: Egypt reaches agreement with IMF to get $ 2 billion - exclusive video

Urgent: Egypt reaches agreement with IMF to get $ 2 billion - exclusive video

Egypt to reach an agreement with the IMF to get $ 2 billion Al-Nasr newspaper, our respected followers in the Arab world and in the world we are always keen to provide a leading news content and wonderful and wimiz, we would like to win the approval of all our followers and our loyalty also to provide news from private sources “Egypt is reaching an agreement with the IMF to get $ 2 billion,” the news on Friday, 18 May 2018 05: 33 am. Urgent from the heart of the event we follow and monitor and analyze all the news now for leadership where the most important news and the latest news is correct The International Monetary Fund (IMF) expert team and the Egyptian authorities have reached an expert-level pledge on the third review of the Egyptian-backed economic reform program through a pledge of SDR 8 billion and 597 million (about $ 12 billion). The IMF showed in a press release on Friday that by completing this review, Egypt would have access to SDR 1 billion, 432 million and 76,000 SDR, or about US $ 2 billion, bringing the total amount disbursed under the program to US $ 8 billion, Approval by the Executive Board of IFAD. “Egypt is beginning to reap the fruits of its ambitious and comprehensive economic reform program, which requires strong support from the political leadership, and while reform measures required sacrifice in the short term, these critical reforms were critical for achieving economic stability,” said IFAD Mission Director Supair Lal, who visited Egypt. And laying the foundations for a strong and sustainable recovery that will raise the standard of living of all Egyptians. ” According to the statement issued by the IMF, the recovery in Egypt continued at a rapid pace during 2017/2018, rising to 5.2% in the first half of the year against 4.2% in 2016/2017, and the current account deficit declined sharply due to recovery And the recovery of overseas remittances, while the improvement in investor confidence continued to support inflows of the portfolio, which boosted the total international reserves to $ 44 billion at the end of April, equivalent to seven months of imports. He pointed out that the annual rate of inflation fell from 33% in mid-2017 to about 13% in April, based on the monetary policy set by the Central Bank of Egypt according to a precise calibration. The Central Bank of Egypt is still committed to reducing inflation to a one-digit rate in the medium term, While monetary policy is based on a system price Flexible exchange, which is critical to maintaining competitiveness and adaptation to external shocks, and the banking sector in Egypt continues to enjoy a good level of liquidity, profitability and capital. He stressed that Egypt is on track to achieve an initial surplus in the public budget after excluding interest payments in 2017/2018, where the public debt is expected to decline as a percentage of GDP for the first time in ten years, pointing out that the budget 2018/2019 aims to achieve surplus Which is 2% of GDP, putting the public debt on a downward path. He pointed to the government’s continued commitment to continue reforming energy subsidies to reach levels Prices Recovery of the cost of most fuel products in 2019, as well as increased revenues through fiscal policy reforms, which will help to provide space for financing important infrastructure projects and increase spending on the most targeted social protection areas as well as funding for the necessary spending on health and education. “The government is moving ahead with structural reforms to modernize the economy and take advantage of the potential of the population in Egypt, including steps to export development, promoting and facilitating international trade, improving industrial land allocation system, strengthening public procurement, State-owned enterprises, and tackling corruption. “These reforms will help attract more private sector investments and are necessary to increase recovery and make it more inclusive for all segments of the population,” he said. He praised the Egyptian government’s actions in strengthening the social safety net and being at the forefront of the authorities’ priorities. This is highly supported by the International Monetary Fund, welcoming the plan to continue expanding the Takaful and Karama programs to help protect low-income and more vulnerable people. In addition, the school meal program for children and the expansion of childcare centers aim to increase the participation of women in the labor force, which will be necessary to maintain the strong and full recovery of all segments of the population over the medium term. The team thanked the Egyptian authorities, the technical teams of the Central Bank of Egypt and the Ministry of Finance, and other parties who participated in the discussions for their “openness and frankness in the debate and hospitality.” We thank you for following up in the Middle East, the Arab world and the world, Ali Hassan, and we hope that we will be in good shape with you forever. Egypt reaches an agreement with the IMF to get $ 2 billion Al-Nasr newspaper, we like you everywhere. With the IMF to get $ 2 billion through our Al-Nasr newspaper, do not forget to follow up on the work of “Lake Weshir” through the social networking pages of our website “Al-Nasr newspaper – the first pioneer in the Arab region” to receive new news in a renewed time of occurrence. Source : Egyptian today

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