Minister: IMF loan 'not everything for economy'

The 12-million-dollar loan, which was agreed with the International Monetary Fund (IMF), is not everything for the national economy and will not solve its accumulated problems, said Finance Minister Amr el Garhy. 

"The loan is an important step and we have to exert utmost efforts to put our economy on the right path," he added in his opening speech of 21st Session of the Euromoney Conference.

The Egyptian economy is passing through several phases, he aid, pointing out to the economic situation over the past four years which led to the decline of economic growth and increase of inflation to more than 15%.

The decline in economic activity after the January 25 Revolution came after a flourishing period for the Egyptian economy, he said. 

The Egyptian government started in 2014 to prepare for infrastructure to jump start the economy, he further said. 

He, meanwhile, said that the Egyptian government drew up an overall development plan until 2030. 

The economic reform is a continued process that cannot be suspended, he said, adding that the ministry has clear-cut policies to redistribute subsidy in order to those who deserve.

Source: MENA