{"id":648646,"date":"2017-04-09T04:01:23","date_gmt":"2017-04-09T04:01:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/imf-says-it-is-working-with-egypt-to-control-inflation-praises-reforms\/"},"modified":"2017-04-09T04:01:23","modified_gmt":"2017-04-09T04:01:23","slug":"imf-says-it-is-working-with-egypt-to-control-inflation-praises-reforms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/imf-says-it-is-working-with-egypt-to-control-inflation-praises-reforms\/","title":{"rendered":"IMF says it is working with Egypt to control inflation, praises reforms"},"content":{"rendered":"

<\/a> The IMF says it is working with the Ismail government and the Central Bank of Egypt <\/strong>to \u201cbring inflation under control<\/strong> and supports the steps the Egyptian authorities are taking to protect its poorest and most vulnerable citizens,\u201d the Fund said in a statement<\/a> following Managing Director Christine Lagarde\u2019s meeting with President Abdel Fattah El Sisi last week. \u201cEgypt is implementing a strong economic reform program to help the economy return to its full potential, achieve more growth and create more jobs. We recognize the sacrifices made and the difficulties faced by many Egyptian citizens, especially due to high inflation.\u201d Lagarde said. Bloomberg\u2019s<\/a> Tarek El Tablawy cited an Ittihadiya statement (pdf)<\/a>, that \u201cunderscored Egypt's commitment to continuing cooperation with the IMF, particularly in the area of technical assistance.\u201d El Sisi also noted the \u201cpatience\u201d Egyptian have displayed so far despite the economic challenges. (Ittihadiya has also released a readout (pdf)<\/a> of the president\u2019s meeting with US Treasury Secretary Steven Mnuchin<\/strong>.)<\/p>\n

CBE Governor Tarek Amer had earlier told Al Masry Al Youm<\/a> that the central bank is closely following inflation rates and is pushing ahead with economic and fiscal reforms.<\/p>\n

This comes as analysts taking part in FocusEconomics\u2019 monthly <\/strong>Consensus Forecast <\/strong>for MENA<\/strong><\/a> (paywall) predict inflation will average 22.3% in 2017<\/strong>, raising their projection from 20.2% in last month\u2019s report. The report expects inflation will drop significantly to 13.9% in 2018. \u201cThe Egyptian government continues to walk a tightrope as it attempts to reignite its economy and improve its external position while easing tensions among frustrated Egyptians, who have borne the brunt of the government\u2019s measures,\u201d according to a statement picked up by Daily News Egypt<\/a>. Analysts have lowered their expectations for GDP growth in FY 2017 to 3.0% and forecast it to grow to 3.8% in FY 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF says it is working with the Ismail government and the Central Bank of Egypt to \u201cbring inflation under control and supports the steps the Egyptian authorities are taking to protect its poorest and most vulnerable citizens,\u201d the Fund said in a statement following Managing Director Christine Lagarde\u2019s meeting with President Abdel Fattah El […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-648646","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c46d8561-a027-4f8b-98b9-bf5be6aa2f26","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[648638],"teaser":"","voice_url":""},"yoast_head":"\nIMF says it is working with Egypt to control inflation, praises reforms - 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The funds should already have hit Egypt\u2019s coffers, according to MENA. \u201cThe continued fiscal consolidation aims to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603139,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/boutros-ghali-says-no-need-for-another-imf-loan-but-experienced-govt-needed\/","url_meta":{"origin":648646,"position":3},"title":"Boutros Ghali says no need for another IMF loan, but experienced gov\u2019t needed","author":"enterpriseam admin","date":"16 April 2019","format":false,"excerpt":"YBG says another IMF facility is unnecessary: Egypt does not need another IMF loan, but the government needs to appoint experienced leaders, former Finance Minister Youssef Boutros Ghali told the local press. \u201cThe IMF's procedures are difficult but necessary, and the Egyptians absorbed the shock, but we have to concentrate\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575276,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/egypt-inflation-edges-up-slightly-in-september-but-is-still-near-record-low\/","url_meta":{"origin":648646,"position":4},"title":"Egypt: Inflation edges up slightly in September but is still near record low","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"Inflation edges up slightly in September \u2014 but is still near record low: Egypt\u2019s annual urban inflation accelerated to 3.7% in September, up marginally from 3.4% in August \u2014 the lowest level since 2005, according to calculations made from state statistics agency Capmas figures (pdf). 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