The growth outlook of Egypt was revised by the International Monetary Fund (IMF) in the framework of the major review of the country’s loan programme.
IMF plenary session
The Bretton Woods institution has revised the growth outlook of Egypt by raising it up to 4, 8 % from 4, 5 % for the 2017/2018 period. This decision came up following the general economic recovery (particularly regarding consumption and private investment), as a consequence of the last reforms introduced by the government.
At the same time, The IMF emphasized the necessity of not going forward with an austerity policy in the country. The New York-based monetary fund advice is in the scope of the 12 billion dollars loan programme agreed in 2016.
Furthermore, a report released by IMF last year pointed out that “Egypt’s economic outlook is favorable, provided prudent macroeconomic policies are maintained and the scope of growth-enhancing reforms is broadened.” The document focused also on the need to encourage the private sector investment, innovation, growth and job creation.
The IMF report also noted that the private sector, which has been hampered over the past year by interest rate hikes intended to contain soaring inflation, should take the lead in boosting the economy.
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