Managing Director of the International Monetary Fund (IMF) Christine Lagarde hailed as "ambitious" Egypt's economic reform program, saying the IMF believes that these efforts will yield results. 
"The government and the central bank have taken the right measures to rein in inflation, reduce the budget deficit, and set the Egyptian economy on a path to stability and growth," Lagarde said in a statement released on the IMF's website.
Lagarde's remarks were made after the IMF's Executive Board’s approval for the first review of Egypt’s extended fund facility which allows the disbursement of about $1.25 billion.
The official expressed satisfaction that the Egyptian government has taken measures to protect the poor and vulnerable groups, including through increasing social spending. 
"We look forward to continuing our partnership with Egypt to help unleash its economic potential and achieve higher and more inclusive growth that benefits all the Egyptians," she added. 

Source: Mena