First Deputy Managing Director and Acting Chair of the International Monetary Fund David Lipton has said Egypt is yielding encouraging results, noting that Cairo economy is showing welcome signs of stabilization with GDP growth recovering, inflation moderating, fiscal consolidation remaining on track, and international reserves reaching their highest level since 2011.

In a statement released after The Executive Board of the International Monetary Fund (IMF) on Tuesday completed the second review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF), Lipton said "The banking system has also remained resilient to moderate shocks. The outlook is favorable, but will require sustained efforts to maintain prudent policies and advance structural reforms to support the authorities’ medium-term objective of inclusive growth and job creation."