Egypt needs more work on reducing state footprint in economy, IMF says

BANGKOK: Egypt has made good progress in restoring macroeconomic stability despite a very difficult external environment, but must speed up structural reforms aimed at reducing the footprint of the state in the economy, an IMF official said on Thursday.

Taline Koranchelian, deputy director of the IMF’s Middle East and Central Asia Department, said the IMF would discuss the issue, along with needed steps to strengthen governance and improve transparency, with Egyptian authorities as part of a final review of Egypt’s $8 billion IMF loan in coming weeks.

IMF warns of slowing Asian growth, spillover from rising yields

Egypt has signaled that it would not seek fresh IMF financing after the current program concludes in December.