IMF: Oil price slump opportunity for Egypt to gradually cut fuel subsidies
Director of International Monetary Fund (IMF) Middle East and Central Asia Department said the drop in oil price globally is an opportunity for Egypt to gradually get rid of fuel subsidies and reduce trade deficit. The slowdown in economic activity globally has affected the outlook in Egypt negatively; hence, support from international partners is needed, along with adopting the right policies, he added. IMF had lowered growth forecast for Egypt to 3.3% in FY15/16 and 4.2% in FY16/17. (Daily News Egypt, Al Borsa)
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