The Arab Monetary Fund (AMF) has raised its forecasts for the Egyptian economy for the years 2018 and 2019.
The fund said it now expected the economy of the most populous Arab country to grow by 5% in 2018 and by 5.5% in 2019, the AMF’s Arab Economic Outlook Report titled Arab Economy Horizons September 2018 released on Sunday showed.
The AMF attributed raising its projections to the country’s ongoing reform programme, which succeeded in marking a surplus in the 2017/2018 budget by 0.2% excluding interest.
In January, the International Monetary Fund (IMF) forecast that the Egyptian economy would grow to 4.8% in the fiscal year 2017/2018 and by 6% on the medium term.
Egypt’s economic reform programme is done in collaboration with the IMF and has so far entailed liberalising the local currency and the gradual reduction of government subsidies on fuel and electricity