Egypt’s economy showing signs of recovery: IMF

Egypt’s economy is showing signs of recovery, as the government’s recent efforts to restore macroeconomic stability have started to yield positive results, the International Monetary Fund said. 

In its latest review report, the IMF said that the inflation rate in Egypt remains elevated but is coming down. 

The North African country has been implementing several economic reforms to maintain fiscal stability, which includes the unification of the official and parallel exchange rates in March. 

Since then, the country’s economy has improved significantly, with the Egyptian pound becoming market-determined, the foreign exchange backlog at banks eliminated, and daily interbank global exchange turnover increasing. 

“The unification of the exchange rate and the accompanying monetary policy tightening have curtailed speculation, brought in foreign inflows, and have moderated price growth. With signs of recovery in sentiment, private sector growth should be poised for a rebound,” said Antoinette Sayeh, deputy managing director and acting chair at the IMF.