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IMF hails continuous economic improvement in Egypt

Wednesday 04 July 2018 11:14 AM

The IMF's loan
The IMF's loan

Al Mal:
The International Monetary Fund (IMF) has hailed the economic situation in Egypt thanks to economic reforms and measures taken by the government.

Speaking following the IMF Executive Board discussion on Egypt, David Lipton, First Deputy Managing Director and Acting Chair, said that the economic situation has continued to improve during 2018.

"Strong program implementation and generally positive performance has been instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating," said Lipton in a press release.

"The near‑term growth outlook is favorable, supported by a recovery in tourism and rising natural gas production, while the current account deficit is expected to remain below 3 percent of GDP and the public debt ratio to decline markedly by 2023," he added.