The International Monetary Fund (IMF) Board of Directors hailed the Egyptian achievements in the field of economic reform, increasing growth rate, decreasing inflation rate, increasing employment and developing economy, said Clawes Endirt, IMF official of Egypt's department, at a press conference yesterday.

The IMF report said that the growth rate increased to 5.7% in 2005 while the inflation rate decreased from 17% before 15 moths to 4% by the end of April. The report referred to the success of Egyptian economy through expansion in services of the private sector leading to increase employment. The continuous shortage in the employment shows the need for increasing investment and development.

The IMF official stated that Egypt has succeeded in updating the governmental departments and activities of the private sector which is leading to create a proper and promising external climate which participated in increasing stability of the Egyptian economy.

He noted that the IMF board of director has noted the way Egypt followed to decrease the inflation rate to reach 4%.

The report appreciated the clear transparency and efficiency in preparing the budgetary as the IMF hopes to continue marsh of economic reform for the sake of increasing development.

12/7/2006