Egypt Prime Minister Sherif Ismail said on Monday that he met the Governor of the Central Bank of Egypt Tariq Amer on Monday and discussed the details of the second phase of the country’s IMF-sponsored economic reform program. Egypt began implementing an International Monetary Fund (IMF) reform program in November 2016. The international lender made a deal to provide Egypt with a US$12 billion loan in exchange for wide-ranging structural economic reforms. He added that the reform program adopted by Egypt achieved positive results in its first year. The economic reforms have had a negative impact on the country’s poor, with consumer prices sky-rocketing while incomes have failed to keep up.

Source: Egypt Independent February 06, 2018 09:33 UTC