IMF Urges Egypt to Watch Inflation After New Subsidy Cuts
- FX reserves provide buffer in time of rising external risks
- June PMI improves, but still doesn’t point to growing economy
A cyclist balances a bread board on his head as he rides in Cairo.
Photographer: Sima Diab/BloombergThis article is for subscribers only.
The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries.
The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.”