Cairo – Mubasher: Egypt has saved about $13 billion from cutting subsidies under the economic reform programme, President of the World Bank Jim Yong Kim said.
Egypt’s economic reform programme is moving on the right track, Kim added in a press conference on Thursday on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
Kim indicated that these reforms have made many investors regain their confidence in the Egyptian economy, according to Al-Shorouk News.
In June, Egypt’s Cabinet approved raising the prices of petroleum materials and reducing its subsidies.
The IMF forecasted Egypt’s economic growth to rise to 4.5% in fiscal year 2017/2018 on the back of the economic reform programme.
Egypt’s average consumer price index (CPI) for FY17/18 is likely to fall to 21.3%, according to IMF’s World Economic Outlook report.
