Director of Euromoney Conferences Christopher Garnett lauded steps taken by the Egyptian government within the framework of the economic reform program.

In his speech at the opening session of the 21st Euromoney Conference in Cairo, Garnett praised the recent loan agreement signed between the Egyptian government and the International Monetary Fund as an important transitional step for Egypt's economy in light of the challenges facing the country during the current period.

Garnett underlined that Egypt started to apply the value-added tax law last week, stressing that this step reflected the Egyptian government's seriousness in taking practical steps toward reform.

Earlier in the day, Finance Minister Amr el-Garhy and International Cooperation Minister Sahar Nasr opened the conference.