UAE-based CPI financial hails Egypt’s economy – Egypttoday

UAE-based CPI financial hails Egypt’s economy – Egypttoday

"The critical macroeconomic reforms which were introduced to unlock billions in support grants successfully corrected the country's sizeable external and domestic imbalances," it stated.. It reported the International Monetary Fund (IMF), saying that Egypt's economic reform program implemented a significant policy adjustment that was anchored by the liberalization of the foreign exchange market and fiscal consolidation to ensure public debt sustainability.. Cairo emerged from a three-year IMF program in July 2019, which provided a $12 billion loan as the country endorsed sweeping and widely unpopular economic measures.. Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.. The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).. The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program..