AMF forecasts 4% growth for Egypt in 2017

The Arab Monetary Fund (AMF) said Wednesday it forecast Egypt’s economy to grow by 4 percent in 2017 and 4.5 percent in 2018, supported by improvement in economic activity and the application of the necessary reforms.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.

Arab Monetary Fund is a regional Arab organisation, founded in 1976, and has started operations in 1977. Member countries are 22: Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, Oman, Palestine, Qatar, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen, and Comoros.