Finance Minister: Deal with IMF new starting point for economic growth

Finance Minister Amr el Gharhy asserted that Egypt's deal with the International Monetary Fund (IMF) is a starting point for achieving comprehensive economic growth, increasing employment rates and raising the standard of living.

In a statement released on Sunday, Garhy said the financial, monetary and structural reforms carried out through an Egyptian national program would give a chance for restoring financial and economic stability, local and international confidence in the future of the Egyptian economy. Government would have more resources to increase growth expenditures, improve public services, infrastructure investments as well as social protection programs, he added.

The Egyptian government will focus in the coming phase on introducing structural reforms and removing any impediments facing local industries especially those targeting exportation.

On Friday, the IMF approved a three-year dlrs 12 billion loan for Egypt to help the country out of its deep economic crisis.

Egypt received dlrs 2.75 bn immediately, with the rest subject to its economic performance and further reforms.

IMF Managing Director Christine Lagarde said the bailout would "address longstanding challenges".