Supporting the private sector and establishing productive foreign investment will enable the economy to create employment
The Director of the Middle East and Central Asia Department of the International Monetary Fund, Jihad Azour, has confirmed that the recent revision of the Egyptian economy under the Fund's program will take place in the coming weeks and will result in the payment of the last $ 2 billion tranche.
"Egypt will see economic progress in the next period," Azour told Sky News and the Middle East news agency, pointing out that the reform path is always long and must be completed.
He stressed the importance of increasing productivity and encouraging infrastructure improvements, aimed not only at reducing costs, but also at increasing national competitiveness and improving ways to increase Egypt's share of foreign investment for its opportunities not only for citizens but also for foreign countries.
Jihad Azour said in a Sky News TV interview that inflation in the last two years following the region's reform program has exceeded 30 percent to less than 14 percent.
The unemployment rate has dropped from 12% to 9% and the growth rate has risen to more than 5.5%.
In the post-IFAD phase, Jihad Azour stressed the need to maintain the path of economic and financial stability on the one hand and, on the other hand, to deepen the reforms necessary to increase growth rates.
He stressed that Egypt has to provide about 700,000 to 1 million jobs a year, the private sector is a major driver of growth, supports the private sector and brings productive foreign investment, which is an effective way to deepen the economy and create jobs for young people.