Egypt to invite IMF to assess economic reforms

Based on Article 4 in the International Monetary Fund’s (IMF) regulations, Egypt’s government will invite the fund to assess the economic reforms before the country’s economic summit that is scheduled to take place in February 2015, Minister of Finance Hany Kadry Dimian said in a Friday statement.

Dimian stated that the article allows the IMF to evaluate the economic situation of nations and their budgets’ potential to serve the public debts.

The results of the IMF mission will be published before the summit in order to attract foreign investments whether they are direct investments, which benefit the economy, or indirect investments, such as investing in the stock market, the minister noted.

The economic summit, sometimes referred to as Partners of Development Conference, was originally called for by King Abdullah bin Abdulaziz Al-Saud of Saudi Arabia, following Abdel Fattah Al-Sisi’s formal announcement as Egypt’s new president in June, to discuss economic support for Egypt.