Egypt succeeds in completing the IMF-supported economic reform program

Egypt could obtain the sixth and final part of its $ 12 billion three-year loan program, which began in 2016, after reviewing Egypt’s economic reforms last month, IMF Acting Managing Director David Lipton said.

 Under the IMF agreement, Egypt is embarking on tough economic reforms, including the latest round of fuel subsidy cuts in early July, which raised domestic prices by 16-30%.

 Mr. Lipton asserts that Egypt has successfully completed the program, which is supported by a three-year agreement with the Fund and has achieved its main objectives. The reforms included the introduction of VAT, significant reductions in energy subsidies and the liberalization of the currency exchange rate, resulting in devaluation.

 Mr. Lipton has been Acting Director-General of the International Monetary Fund (IMF) since 2nd of July 2019. He took over the missions of Ms. Christine Lagarde during her temporary suspension of duties.

 Prior to joining the fund, Mr. Lipton was a special assistant to the US president and senior director for international economic affairs at the National Economic Council and the National Security Council in White House.