IMF says Egypt's economy starting to recover

AP News
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Posted: Nov 26, 2014 5:51 AM

CAIRO (AP) — An International Monetary Fund official says that Egypt's economy has begun to recover after four years of slow activity.

The statement from Chris Jarvis late Tuesday followed an IMF delegation visit to Egypt for a long-delayed assessment of the economy. He says that Egyptian authorities "have set appropriate economic objectives."

The IMF says it projects Egypt's growth to reach 3.8 percent in the fiscal year 2014/15, in line with the government's own stated goals.

Egypt's growth rate has been hovering at around 2 percent since the country's 2011 revolt.

Finance Minister Hany Kadry Dimian has said he hopes the resumption of consultations with the IMF will help restore confidence in the economy. The government aims to attract investment by hosting a three-day international economic conference in March.