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Egypt Today: Pharos highlights key points of Egypt’s economy on IMF’s report

According to pharos, the report expected Egypt’s economy to mark a progress during fiscal year 2018/2019.
17.07.18 | Interesting article at Egypt Today

Pharos Holding summarized the international monetary fund’s (IMF) report about Egypt, taking away 20 points out of it.

According to pharos, the report expected Egypt’s economy to mark a progress during fiscal year 2018/2019, expecting the GDP to record 5.5 percent, up from 5.2 percent in 2017/2018, and the average inflation to reach 14.4 percent, down from 20.8 percent in 2017/2018.

It also anticipated the gross debt to decline to 86 percent of GDP, compared to 92.4 percent in 2017/2018, with a primary budget surplus of 2 percent of GDP, up from 0.2 percent in 2017/2018.

Regarding the subsidies, Pharos stated that IMF forecasted energy subsidy bills to slip to 2.1 percent of GDP, compared to 3.4 percent in the prior year.

“Financing gap to stand at $1.1 billion, CA deficit to slightly drop to 2.6 percent of GDP, down from 2.8 percent in FY2017/18 and FDI to record $9.5 billion, up from $7.8 billion in FY2017/18,” Pharos noted on the IMF expectations regarding the Egyptian economy.

The report revealed the IMF’s praise of the Egyptian restructuring program, expecting favorable near-term growth outlook, supported by a recovery in tourism and a rise in natural gas production.