Egypt PM lauds IMF report on economic performance

Egypt’s Prime Minister and Minister of Housing Moustafa Madbouly has praised a report by the International Monetary Fund (IMF) on the economic performance in Egypt.

The report was positive and focused on the good economic performance in Egypt despite the crisis witnessed in emerging markets.

The IMF forecast for Egyptian economic growth remained unchanged, Egyptian cabinet spokesman Nader Saad said on Sunday.

The IMF believes the Egyptian economy will grow by 5.5 percent in 2019 thanks to a rebounding tourism sector and a trustworthy economic reform programme, Saad noted.

The ambitious reform programme is implemented with the help of a five-year IMF credit facility worth $12 billion.

The report expects the Egyptian economy to grow by 5.3 percent in 2018 before it reaches 5.5 percent next year.

The average growth rate is likely to reach 6 percent until 2023 and unemployment could decline to 9.9 percent in 2019 down from 10.9 this year, according to the IMF report.

It also pointed to an expected drop in inflation rates to about 14 percent in 2019 compared with 20.9 percent in 2018.

Source: MENA