People shop at Al Ataba, a popular market in downtown Cairo, Egypt March 9, 2017. REUTERS/Mohamed Abd El Ghany
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Egypt needs to embrace policies that strengthen the private sector and promote job growth in order to cement the gains realized from sweeping economic revival efforts, the International Monetary Fund said. At the same time, the government can't afford to delay in moving ahead with cuts in costly energy subsidies or risk straining the budget at a time of higher global oil prices, David Lipton, the IMF's first deputy managing director, said late Saturday.The comments, to an audience that included Finance Minister Amr al-Garhy, came as an IMF mission is conducting the third review for the $12 billion loan program it granted Egypt in 2016 .With the IMF's support, Egypt in 2016 has floated its currency, raised taxes, slashed subsidies and nearly halted increases in public wages – measures the government said were necessarily to avoid economic meltdown in 2016 .
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