IMF approves the first review of Egypt’s extended fund facility

Ms. Christine Lagarde, has reportedly congratulated Egypt on the success in pursuing their ambitious economic reform program. This was contained in a Press release submitted by the International Monetary Fund (IMF), as published and distributed by APO.

“I would like to congratulate the people of Egypt and the authorities for their success in pursuing their ambitious economic reform program. The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts.”

The Managing Director of the International Monetary Fund (IMF) further disclosed that, IMF believe in their dreams, attributing their belief as reason for providing such generous approval.”

“We believe that these efforts will yield results. The government and the central bank have taken the right measures to rein in inflation, reduce the budget deficit, and set the Egyptian economy on a path to stability and growth.”

Ms. Christine Lagarde, in her remarks showed excitement, hoping that the government will not stop doing the needful.

“I am very pleased that the government has taken and will continue to take measures to protect the poor and vulnerable groups, including through increasing social spending. We look forward to continuing our partnership with Egypt to help unleash its economic potential and achieve higher and more inclusive growth that benefits all the Egyptians.”

It is necessary to add here, that, with this approval Statement, there is an allowance for Egypt to get about $1.25 billion.

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