Egypt on Right Track, Economy will RecoverSource: www.export-egypt.com 3/13/2015, Location: Africa |
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Egypt is on the right track after the government set a plan to meet the economic needs of the state, Christine Lagarde, the Managing Director of the International Monetary Fund (IMF) said.
Lagarde was speaking to MENA before her departure heading for Sharm El-Sheikh, where she will partake in the three-day Egypt Economic Development Conference. She urged the Egyptian government and people to be patient till the economic reforms are implemented. Lagarde noted that the conference provides an opportunity for the Egyptian government to publicize its plan for facing economic challenges. Lagarde expected Egypt's economy to recover and the rate of job opportunities to increase during the coming period. "We expect Egypt's growth rate to hit 4 percent in 2014-215," Lagarde said, hailing the steps taken by the Egyptian government to reform the tax system in the state. She also urged Egyptian women to play a more active role in Egypt's labor market during the coming period. Speaking about the Egypt Economic Development Conference, Lagarde said the event comes at a time when Egypt passes through a critical stage. "The conference paves the way for more cooperation between IMF and Egypt," Lagarde said. Lagarde underlined that cooperation with Egypt will continue, even after the conclusion of the international economic conference. She also expressed the IMF's readiness to support Egypt through a financial agreement, if the Egyptian government wishes so. Lagarde hoped the conference would achieve the desirable goals, such as to attract new investments into the Egyptian market. Moreover, Lagarde praised steps taken by the Egyptian government to control the official dollar-pound exchange rate. She underlined that such steps will enhance competitiveness, promote the tourism sector and attract foreign direct investments in Egypt. Lagarde said that the recent drop in oil prices would have a positive effect on Egypt's economy. She also expressed her admiration for the Egyptian government's efforts to promote primary education, reduce subsidy and use electronic cards to distribute supply commodities. Finally, Lagarde called on the Egyptian women to take up jobs in the private sector to reduce the gap with the public sector. |
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