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Quick completion of New Suez Canal strengthens Egypt's regional position: IMF - Daily News Egypt

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Quick completion of New Suez Canal strengthens Egypt’s regional position: IMF

It will support the growth rate, future development and strengthen the country's balance of payments, says Jarvis

The rapid pace of the completion of the drilling of a new canal parallel to the Suez Canal supports Egypt’s strategic position in the Middle East, said Head of the IMF Mission to Egypt, Chris Jarvis.

Speaking with Daily News Egypt, he said it would strongly contribute to international trade between the countries of the world, noting that the parallel channel makes Egypt a major centre of global trade in the region as a whole. Jarvis commented that the opening of the parallel channel represents a new milestone in the history of the Suez Canal and among similar canals that interconnect the world.

The mission head added that the parallel canal will support the growth of the Egyptian economy rates. In addition, it will contribute to the future development process, and strengthen the balance of payments of the state. The IMF had postponed its mission’s visit to Egypt indefinitely. The visit was originally scheduled in June. The deferment was due to last-minute changes in the Egyptian government’s agenda with the convening of the African economic blocs conference in Sharm El-Sheikh.

The head of the IMF mission had previously said that he was happy with the government targeting a 8.9% deficit of gross domestic product (GDP) in the new financial year’s budget, and that the government’s efforts to reduce the deficit can be achieved by imposing some reform goals in the energy subsidies system, and the development of value-added tax within the tax system. Collectively, they will work to provide the best opportunities for quickly improving the budget.

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