Arab Republic of Egypt: Third Review Under the Extended Arrangement Under the Extended Fund Facility, and Requests for a Waiver of Nonobservance of a Performance Criterion and for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

International Monetary Fund

No 2018/213, IMF Staff Country Reports from International Monetary Fund

Abstract: Macroeconomic conditions have continued to improve during 2017/18, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating. The near-term growth outlook is favorable, supported by the recovery in tourism and rising natural gas production, while the current account deficit has fallen below 3 percent of GDP and gross international reserves stood at 7 months of prospective imports at end-May. Inflation is expected to temporarily rise in 2018/19, reflecting increases in fuel and electricity prices, but the monetary policy stance appears appropriate to contain second-round effects. The government debt ratio is projected to decline markedly in response to fiscal consolidation and high nominal GDP growth.

Keywords: ISCR; CR; inflation expectation; indexation mechanism; government procurement law; portfolio inflow; reform gain; credit growth; confidence gain; energy subsidy reform; Energy subsidies; Fuel prices; Oil prices; Global (search for similar items in EconPapers)
Pages: 80
Date: 2018-07-12
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