The International Monetary Fund (IMF) expects the Egyptian economy to grow by 5.3% this year and 5.5% in 2019, up from a growth rate of 4.2% last year.
According to the Fund, the level of sound foreign reserves and the flexible exchange rate make the Egyptian economy well positioned to manage any acceleration of external flows, calling for the need to maintain sound macroeconomic frameworks and implement coherent macroeconomic conservation policies.
The Central Bank of Egypt announced the rise in the volume of cash reserves of foreign currencies by about 40 million dollars at the end of September, to reach 44.459 billion dollars.
The Fund attributed these results to increased natural gas production, the recovery of the tourism sector and the continued confidence of the global business community as a result of the Egyptian government's implementation of the economic reform program. The IMF predicted that the growth rate of the Egyptian economy will continue to rise to about 6% in 2023.
Source: (Al-Arabiya.net, Edited)
