(MENAFN) Egypt was highlighted by International Monetary Fund Managing Director Christine Lagarde to be recording an obvious recovery in economy, with it making a rebound in productivity.
Egypt is on track in several of its plans, including floating its currency, lessen its fiscal deficit, and reinstate reserves in an attempt to stabilize the condition of its macroeconomic, the IMF chief suggested.
During a news conference, the chief stated "and we are clearly seeing a rebound in the foreign direct investment and in investment in Egypt in general."
Lagarde added "it is clear that when you remove fuel subsidies, for instance, all those driving, whatever they drive, are going to be affected; and the cash transfers and mechanisms in place were actually more focused on the poor and the most exposed people than on the better off in the Egyptian society."
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