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The Egyptian economy has begun to recover, the IMF said this week at the end of Article IV consultations with Cairo, the first since April 2010.
IMF mission chief Chris Jarvis says there is a growing national consensus on economic reforms, though “Egypt faces many challenges” with subdued growth, high unemployment, budget deficits and slim foreign reserves.
Cairo has begun to address these challenges by implementing “bold” subsidy and tax reforms and “wide-ranging regulatory and administrative reforms,” the IMF says. These measures, coupled with a return in confidence, are starting to produce a turnaround in economic activity and investment, Mr Jarvis observes, with growth projected at 3.8% in fiscal 2014-15.
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