Well Done President Al Sisi: Reforms Produce Results for Egypt

Economic Initiatives by President Abdel Fattah Al Sisi are Starting to Work, Says the IMF

Recent economic measures enacted in Egypt under President Abdel Fattah Al Sisi are beginning to produce results after four years of political upheaval and economic stagnation, the International Monetary Fund said on Wednesday.

A man walks past pictures of former presidents Hosni 
Mubarak and Mohammed Mursi surrounded by nooses 
in Cairo on Wednesday. Egypt’s economy has been in 
a holding pattern since early 2011. Photo: Reuters

The overhauls, including cuts to fuel subsidies and attempts to fix persistent government budget deficits, have boosted prospects for economic growth to 3.8% in the 2014-15 fiscal year, the IMF said, in its first annual assessment of the country since 2011.

In the medium term, economic growth is expected to accelerate steadily to 5% annually, helping reduce the country’s double-digit unemployment rate.

Pro-government protesters carry a picture for Egyptian 
President Abdel Fattah Al Sisi during a protest in Cairo 
in January. The IMF said the president’s economic policy 
moves have largely been positive. Photo: Reuters

[...]

Fiscal changes are set to reduce the government budget deficit to below 8% of gross domestic product in the next three years and will help contain government debt, the IMF said.

The measures will also lower inflation to a target of 7% in the medium term, it said. Inflation is currently expected to average above 10% this year.

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