News Agencies, Governor of the Central Bank of Egypt Tarek Amer was named Central Bank Governor of the Year for Middle East and North Africa by GlobalMarkets; the newspaper of the International Monetary Fund (IMF) and the World Bank.
The choice came as Amer was the architect the IMF’s Extended Fund Facility programme for Egypt, which secured a $12 billion loan for the country, in addition to leading Egypt’s exchange rate reform, GlobalMarkets said in a
note. “Amer played a pivotal role in putting the economy on a sustainable path and restoring the confidence of international investors,” the newspaper said, adding that Amer was committed to pursue a firm monetary policy, timely communication with the market and macro prudential regulation.
The IMF loan has been in the works for years, and was seen as a vital lifeline for Egypt in recovering investor confidence. Negotiations between the IMF and the Egyptian government was reached in August 2016, as Egypt drafted an economic reform programme that included
floating the value of the local currency from LE 8.88 per $1, to a current level of LE 17.68. Egypt’s trade deficit has been steadily improving since the currency flotation, falling by 43.8 percent year-on-year in May as imports declined by $1.63 billion, according to statistics agency CAPMAS.
The economic reform programme included austerity measures such as cutting spending on fuel and electricity subsidies, to direct their cash to social safety programmes for neediest segments of the society. The central bank governor is scheduled to receive the award
in the ceremony that will be held October 14 in Washington D.C.