IMF Says Egypt Needs Deeper Reforms as It Seeks Another Loan
The Egyptian flag flies outside the foreign ministry headquarters in Cairo, Egypt.
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Egypt’s government needs to take further steps to foster private-sector development, improve governance and reduce the role of the state, the International Monetary Fund said, as the country seeks a new loan to bolster an economy hit by fallout from the war in Ukraine.
Egypt requires “decisive progress on deeper fiscal and structural reforms” to boost the economy’s competitiveness and make it more resilient to shocks, the Washington-based lender’s executive board said in a statement after it met to evaluate Egypt’s recent loan program.