Arab Republic of Egypt : 2017 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive…
Author/Editor:
International Monetary Fund. Middle East and Central Asia Dept.
Publication Date:
January 23, 2018
Electronic Access:
Free Full Text (PDF file size is 2461 KB).Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Following a build-up of macroeconomic imbalances that had resulted in declining growth, rising debt, and a widening current account deficit, the Egyptian authorities undertook decisive policy actions since the launch of the reform program in November 2016. These efforts are increasingly yielding results in terms of restored market confidence, strengthening growth momentum, a narrowing of budget and current account deficits, and adequate foreign exchange reserves. Sustaining the reform effort will help secure macroeconomic stabilization and unlock Egypt’s potential for higher growth and much needed job creation.
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