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Foreign Exchange released its detailed expert report for the third review of the Egyptian economy, highlighting the continuous improvement of macroeconomics in 2017-2018, supported by a reduction in budget deficits and external, as well as inflation and unemployment and rapid economic growth. The short term has become favorable, with expected support for the recovery of tourism and the increase in Egyptian gas production, while the current account deficit has fallen to less than 3% of GDP, as foreign reserves become sufficient to cover 7 months of imports. ] Expected experts RIER – Al-Watan got a copy – rising inflation temporarily between 2018 and 2019, reflecting rising fuel prices and electricity, but IMF experts have confirmed monetary policy shows sufficient capacity to contain the impact of these effects. In terms of risk, the International Monetary Fund's (IMF) expert report shows that Egypt has experienced a sharp outflow of foreign capital in recent months in connection with a global recession; That's in the decline of investors on Z as well as any other increase in world oil prices that would put pressure on the budget, and the government had to adjust its plan. In the restructuring of domestic fuel prices to further increase consumers in the implementation of the plan to lift energy subsidies and sell at cost price.
The Fund warned that the deteriorating security situation would disrupt the recovery of tourism and could weaken Egypt's ability to adjust its economic status However, these fears dissipated with the Egyptian government's record, tempered by the commitment of the authorities to a clear policy of commitment to implement the reform program agreed with the International Monetary Fund.
On the performance of the Egyptian economy, All targets agreed at the end of December of last year, except for the financial balance that fell from About 100 million pounds and the government's inability to honor the promise to pay the Egyptian General Petroleum Company less than $ 200 million. Due to the height The oil prices are globally higher than they were during the review last year, the gap being estimated at around 1 billion dollars and the Egyptian government plans to hedge it by issuing Eurobonds, cash reserves or both.
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