Economic reforms undertaken by the Egyptian government are showing positive results, said an official from the International Monetary Fund (IMF). Head of the IMF’s Middle East department, Jihad Azour, said, during his visit to Dubai, that there are some positive results that are progressively being seen, according to Reuters. The IMF further added that the Gross Domestic Product (GDP) expanded at an annual rate of 4.6 percent, according to Bloomberg. This is the fastest pace recorded in seven years. A mission from the IMF is currently visiting Egypt. It praised the facilities provided to investors. Similarly, governor of the Central Bank of Egypt (CBE) Tarek Amer said during a conference that the Egyptian economy has entirely transformed over the past year. He said that Egypt had a loose fiscal policy which should not have continued, according to Egypt Today. Amer previously stated that the financial crisis in Egypt is over adding that the Gross Domestic Product (GDP) in 2017 has significantly jumped compared to 2016, and the prices will fall in 2018 to go back to its rate before the flotation. In November 2016, the CBE announced the floatation of the currency against…
Egypt’s Economy is Witnessing ‘Broad Based Growth’ Despite High Inflation: IMF
November 1, 2017
