Dubai – Mubasher: The International Monetary Fund (IMF) commended Egypt’s recent economic progress, but stressed that there are still many more “difficult” reforms needing implementation.

Egypt has recorded strong momentum, as shown in early results and growth figures this year, with a lot of investment proposals – some advanced and others in early stages, said Masood Ahmed, the IMF’s Middle East and Central Asia director, speaking during the fund’s Regional Economic Outlook in Dubai on Tuesday.

The director pointed to the success of the international economic conference held in April in Sharm El-Sheikh, and said the country’s economic growth can be sustained by the actions taken by the present government.

"However, there is still more difficult stuff to be done,” said Ahmed, “like spending, taxes, helping small businesses so they hire people and function effectively.”

While Egypt’s government has set the country on the right track, he said, the country may need support in the coming years, most likely from GCC states.

Egypt’s wavering economy – hit hard by years of political unrest – has been largely propped up by Gulf aid since the 2013 ouster of president Mohamed Morsi.

Only a few years ago, Egypt’s central bank was worrying about how to manage an excess of capital, said the official.

“I have no doubt we can get back there. The question is how long they can be supported in the interim period,” he said.