IMF official says Egypt’s central bank manages to contain inflation via reform

CAIRO, July 26, 2019 (BSS/Xinhua) The Central Bank of Egypt managed to contain

high inflation rates after the country devaluated its local currency amid an

economic reform program in late 2016, an official from the International

Monetary Fund (IMF) said on Thursday.

Inflation in Egypt exceeded 30 percent and now declined to less than 10

percent, and it is expected to go on declining by the end of this year,

Jihad Azour, IMF director of the Middle East and Central Asia Department,

said in his remarks, according to Egypt's official MENA news agency.

He noted that the IMF board approved in a vote on Wednesday to disburse 2

billion U.S. dollars as the final tranche of a 12billiondollar loan to

support Egypt's economic reform plan.

Egypt's economic reform program has showed successful accomplishments

since 2016 through which it managed to improve economic indicators and

achieve economic and financial transformation and stability, said the IMF

official.

Egypt started its IMFsponsored threeyear austeritybased economic reform

program in November 2016, including local currency devaluation, fuel and

energy subsidy cuts, and introduction of a valueadded tax.

Azour said that the IMF continues providing Egypt with technical support

and is ready to study any future financial cooperation if requested by the

Egyptian government.

Source: Bangladesh Sangbad Sangstha (BSS)