Tarek Amer, CBE governor- File photo
CAIRO- 25 August 2017: 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 program 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 macroprudential regulation.
Screenshot from Global Markets letter to Tarek Amer
The central bank governor is scheduled to receive the award in the ceremony that will be held October 14 in Washington D.C.
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 program 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 program included austerity measures such as cutting spending on fuel and electricity subsidies, to direct their cash to social safety programs for neediest segments of the society.