24 October 2017 02:13 AM

IMF official: Egypt facing economic challenges that can be addressed

Saturday، 16 April 2016 - 12:51 PM

Egypt is currently facing economic challenges that can be addressed through abiding by the suitable policies, said Advisor at the International Monetary Fund's Middle East and Central Asia Department Chris Jarvis.

 

In press statements, Jarvis, who is also IMF's mission chief for Egypt, welcomed steps taken by the government and the Central Bank of Egypt (CBE) over the past few months.

 

The government's plans to reduce financial deficit is a step in the right path, he added.

 

He, meanwhile, said that Egypt needs to increase its tax resources, adding that the Value Added Tax (VAT) will be effective in this respect.

 

Regarding reforming the subsidy system, Jarvis welcomed Egypt's commitment to reform the subsidy system, especially the fuel.

 

Jarvis further said that the Suez Canal expansion project contributed to providing jobs and proved Egypt's ability to provide services for international trade.

 

He also said that the WB-IMF Spring Meetings give a chance to exchange viewpoints with the Egyptian government.

MENA


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