IMF lauds Egypt, says it must now empower private sector

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The International Monetary Fund has lauded Egypt's progress in stabilising its economy, instilling market confidence, cutting debt and driving growth.

In remarks to a government meeting released late on Saturday, IMF First Deputy Managing Director David Lipton says Egypt must now enable private-sector economic activity to expand and provide the jobs needed by millions of Egyptians.

Egypt's economy is still recovering from a 2011 popular uprising and years of political instability. The government secured a $12 billion loan from the IMF in 2016 and launched an austerity program that included subsidy cuts.

As examples, Lipton mentioned Indonesia, Mexico and India as countries where reform efforts empowered the private sector by ending cronyism and government monopolies, encouraging competition and boosting the social safety net.

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