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If the price of oil goes up, the appetite for reform in Middle East will go down, IMF says

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"The region is recognizing the importance of the new cycle," Azour said, referring to a broader global economy recovery. "Yet they need to do more reforms in order to fully benefit from it."



A key challenge facing the MENA region was complacency resulting from higher oil prices. "If the oil price will go up, then the appetite for reform will go down," Azour warned. Also pressing on decision-makers was conflict and geopolitical issues arising in the region, as well as global risks such as tightening monetary policy and "inward looking policies in the West."



Azour cited Egypt as an example of a country that had begun to turn its economy around, with capital flows, exports and tourism — among other things — on the up. He described the need to "consolidate" reforms, "keep the discipline" and improve the country's business environment.



The Egyptian state needs to move to being an "enabler, rather than an operator," Azour said, as well as address structural issues such as allowing women "to participate in a greater way in the economy." According to the IMF's report, growth for Egypt, which has seen major political upheaval in recent years, remains unchanged at 4.3 percent for the fiscal year 2017.





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