皇冠体育app

皇冠体育app British Embassy is today able to release advance elements from the UK statement during the IMF Board discussions on 11 November. 皇冠体育app final statement will nominally be released in the coming weeks. 皇冠体育app details, given for the first time, give direct insight into the thorough and international support for Egypt鈥檚 reform plan at the meeting. 皇冠体育app UK鈥檚 Executive Director鈥檚 intervention led a particular focus on ensuring social protection, inclusion, and creating a positive climate for investment as the key fuel for Egypt鈥檚 economy long-term.

皇冠体育app IMF Board approved a three-year, $12 billion loan to help the Egyptian economy realise its immense potential. This home-grown program will revive Egypt鈥檚 growth prospects by restoring stability and confidence in the economy, attracting investment and creating jobs. 皇冠体育app UK played a vital role in the IMF decision as a founder and important contributor to the fund.

UK statement:

We congratulate the Government on setting out such a clear vision for economic reform, and taking the first steps on this difficult, but necessary road. 皇冠体育app UK experience is that while challenging for citizens, seeing these reforms through to completion will lead to a more solid economy in the future.

皇冠体育app UK particularly welcomes the following clauses in the IMF loan agreement:

• 皇冠体育app commitment of an additional 1% of GDP towards protecting the poorest citizens from rising inflation.
• 皇冠体育app new measures that will increase female labour force participation
• 皇冠体育app plan to clear outstanding arrears to International oil companies.

UK statement:

As Egypt鈥檚 largest investor, we welcome the plan to clear outstanding dues to International Oil Companies. Investors globally have noticed and will be reassured to know that the Egyptian Government honours its commitments.

• 皇冠体育app UK remains one of the largest shareholders of the IMF and has been strongly supportive of this programme.
• 皇冠体育app UK is planning to double the level of technical assistance offered to support Egyptian economic policymakers.

UK statement:

We congratulate authorities on what they have achieved to date, support their reform efforts and urge them to make the most of this opportunity to reform.

In addition, UK investment dwarfs IMF support with $30.5 billion investment flows from to Egypt since 2011 and a strong pipeline of recent announcements. 皇冠体育app past month, has seen three major British companies 鈥� Vodafone, Unilever and GlaxoSmithKline 鈥搃nvest a total of EGP3.785 billion in Egypt, while BP has invested approximately USD30 billion in Egypt to date, with plans for a further USD13billion before 2020.

British Ambassador to Egypt said:

This is a decisive moment for Egypt鈥檚 economy and Britain is leading the way with words and economic support to ensure the difficult reform step produce real economic growth that benefits all Egyptians.