IMF Says Egypt Should Pace Projects to Guard Stability
- Project plans designed ‘under different circumstances’
- Lender preparing to carry out first review of 46-month deal
Kristalina Georgieva, managing director of the IMF, speaks at a news conference in Washington, DC, on Thursday.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
Egypt may need to undertake projects more slowly than originally envisaged to avoid damaging its macroeconomic stability, the head of the International Monetary Fund said, amid preparations for a review of the country’s crucial $3 billion rescue package.
While the IMF and north African nation “agreed on a sound program” with pillars that include implementing a freer exchange rate and boosting the private sector, the nation needs to “moderate the long-term investment projects that are indeed very important and very good for Egypt,” Managing Director Kristalina Georgieva told reporters Thursday in Washington.