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Egypt, IMF to assess economic reforms

Egypt, IMF to assess economic reforms
Finance Minister Hany Kadry Dimian said on Friday that, based on Article 4 in the International Monetary Fund’s (IMF) regulations, Egypt’s government will invite the fund to assess the economic reforms before the country’s economic summit that is scheduled to take place in February 2015, according to Daily News Egypt.
Dimian stated that the article allows the IMF to evaluate the economic situation of nations and their budgets’ potential to serve the public debts.
The results of the IMF mission will be published before the summit in order to attract foreign investments whether they are direct investments, which benefit the economy, or indirect investments, such as investing in the stock market, the minister noted.
Dimian also said the Egyptian economic crossed the most difficult period during the political transition. He added that economic growth rate is expected to rise by 3.5% in the fourth quarter of the fiscal year 2013/2014, compared with 1% in the first quarter.
He added that the country’s improving economic conditions are reflected in stock market indicators, as market capitalization of EGX listed stocks grew 40% in one year to EGP 524 billion in August from EGP 357 billion in July, 2013.
However, Dimian stressed that the economy is suffering a financing gap of $10-11 billion, adding that the government is seeking to narrow it through boosting business and investment climate.