July 2, 2018 / 8:22 PM / in 10 months

IMF urges Egypt to maintain tight monetary policy to ward off inflation

CAIRO, July 2 (Reuters) - Egypt should maintain tight monetary policy to contain the risk of inflation as a result of fuel and electricity subsidy cuts, the International Monetary Fund said on Monday, in a statement that praised progress on reforms tied to a new $2 billion loan.

The IMF said Egypt’s near-term growth outlook was “favourable, supported by a recovery in tourism and rising natural gas production.” It said the country’s strong foreign reserves meant it could weather “tightening global financial conditions” that have led to a pullback by foreign investors in emerging markets. (Reporting by Eric Knecht)

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