Egypt has invited a mission from the International Monetary Fund (IMF) to arrive in the country by the end of this year in order to discuss the Article IV consultation, according to the Minister of International Cooperation Naglaa al-Ehwany.
"Therefore, the signal sent by the International Fund and also other international and financial institutions are to the benefit of the national economy, and we will consult with the mission to be sent by the Fund by the end of this year in order to review the situation and the economic landscape in Egypt," al-Ehwany said on the sidelines of the IMF World Bank Annual Meetings on Friday.
She continued: “We are proud in Egypt that the economic reforms that have been made by the government in the past few months was homegrown."
"These reforms were homegrown; it means they were inspired by the belief of the government and the political leadership that there should be reform that should be taken because it has been a long time since these reforms should have been taken a long time ago regarding the procedures of subsidy and financial reform, and so on," she added.
IMF managing director Christine Lagarde said on Friday she was “very impressed” by Egypt’s economic reforms, ahead of a long-delayed economic assessment which if positive could help attract investment, according al-Arabiya TV.
Egypt is targeting to have an Article IV review with the IMF, the first since 2010,providing investors with an economic overview from the credible institution, said Mohamed Abu Basha, Cairo-based economist at EFG-Hermes Holding.
An Article IV consultations, the IMF experts assess a country's financial and economic state of affairs.
