CAIRO
IMF Managing Director Christine Lagarde on Friday praised Egypt's plan for economic reform, saying the country is "on the right track."
The Egyptian government is capable of reforming the economy and achieving the hopes of its people, Lagarde said in a speech delivered at a major economic summit that kicked off Friday in Egypt's resort town of Sharm el-Sheikh.
The IMF chief noted that Egypt was taking major steps towards achieving high economic growth.
Earlier Friday, Lagarde told Egypt's official press agency that the IMF expected Egypt's GDP growth rate to hit 4 percent in the 2014/15 fiscal year, adding that the economic summit would "pave the way for more cooperation" between Egypt and the international lender.
Egypt is expected to unveil a host of potential investment projects at the summit in hopes of luring investment to shore up its economy, which has been badly battered by four years of turmoil since a 2011 popular uprising ousted autocratic President Hosni Mubarak.
Egypt realized a total of $4.7 billion worth of foreign investment during the 2013/14 fiscal year.
