Egypt achieves 3.9% growth in first half of fiscal year

Egypt has achieved real growth of 3.9 percent in the first half of the current fiscal year, signaling positive resilience of the economy, Prime Minister Mostafa Madbouly revealed.

In media statements following a meeting with the Deputy Managing Director of the International Monetary Fund Nigel Clarke, Madbouly noted that private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December.

He also clarified that Egypt’s fiscal year runs from July 1 to June 30 of the following year.

The figures align with global credit rating agency Moody’s decision in February to affirm the North African country’s Caa1 long-term foreign and local currency ratings with a positive outlook, citing improved debt service prospects, stronger foreign exchange reserves and lower borrowing costs following the Egyptian pound’s devaluation and flotation.