Tarek Amer, Central Bank of Egypt (CBE) governor, was selected as the “Central Bank Governor of the Year” for the Middle East and North Africa (MENA) 2017 by GlobalMarkets, the newspaper for the International Monetary Fund (IMF) and the World Bank, according to the official letter sent to Amer.

The letter, which was written by GlobalMarkets managing editor Toby Fildes, indicates that Amer was chosen due to his role as the leading architect behind Egypt’s IMF programme, as well as his role in reforming Egypt’s foreign currency exchange system and restoring international investors’ confidence in the economy.

Moreover, according to the newspaper, Amer’s commitment to maintaining a strict monetary policy, as well as his excellent and timely communication with the market, in addition to macro-prudential regulation, has enhanced the reform programme.

The CBE’s governor is scheduled to receive the award in a ceremony that will be held 14 October in Washington DC.

Egypt was able to secure the IMF’s $12bn loan in November 2016 after long negotiations, after the authorities decided to adopt the ambitious economic reform programme, which included the introduction of the VAT, the flotation of the currency, and subsidy cuts.