Egypt’s financing gap will reach $20 bln in coming two years: IMF official

Masood Ahmed09/10/2015 (Ahram Online – Egypt): The gap in Egypt’s financing is estimated at $20 billion over the coming two years, Masood Ahmed, IMF director for Middle East and Middle Asia, told Ahram Online at a press conference on the sidelines of the IMF and World Bank annual meetings held in Lima, Peru this week.Egypt has succeeded for the second consecutive year to achieve improvements in the economy due to the increasing confidence in the political and economic system, as well as the government measures to implement fiscal reform policies, Ahmed said.Gulf aid to Egypt has also helped the Arab country to improve its economy, he said.As a result, the IMF was able to maintain its forecasts for Egypt’s growth at 4.2 percent “if not higher”, he added.However, Egypt still faces two main challenges to continue its economic development path…

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