Cairo - Mubasher: The International Monetary Fund (IMF) believes that Egypt need more reforms to better encourage private sector growth.
The IMF’s first deputy managing director praised the country’s progress but said that deeper reforms are needed if Egypt wants to catch up with a wave of global expansion that may soon come to an end, as cited by Reuters on Saturday.
David Lipton added that broadening and deepening the reform agenda is crucial to take advantage of ripe global conditions.
“But now the time has come to take advantage of the hard-won macroeconomic stability and push on to create jobs and raise living standards through sustainable growth,” Lipton reportedly added in his statement to the news agency.
“If this country can tap the potential of its young people, by bringing unemployment and labor force participation to the level of many other emerging market countries, their absorption into the economy could boost growth into the range of 6 to 8%. That would be a transformation.”
The deputy MD also noted that Egypt needs to increase the role of the private sector and scale back the public sector.
