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

According to Business Recorder, an IMF official has said Egypt has made solid headway in restoring economic stability, even though the external backdrop has been very challenging. Taline Koranchelian, deputy director of the Fund's Middle East and Central Asia Department, added that the country still needs to accelerate overhauls intended to shrink the government's role in the economy. Her remarks came in Bangkok on Thursday.

The IMF will take up this issue, alongside measures to bolster governance and openness, with Egyptian authorities during the final review of the $8 billion loan. That review is expected in the coming weeks. Egypt has also indicated it does not intend to request new IMF funding once the present programme ends in December.