IMF Staff Country Reports

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

July 12, 2018

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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, (USA: International Monetary Fund, 2018) accessed November 21, 2024

Summary

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.

Subject: Energy subsidies, Expenditure, External debt, Fiscal stance, Fuel prices, Oil prices, Prices

Keywords: Confidence gain, CR, Credit growth, Energy subsidies, Energy subsidy reform, Fuel prices, Global, Government procurement law, Indexation mechanism, Inflation expectation, ISCR, Oil prices, Portfolio inflow, Reform gain

Publication Details

  • Pages:

    80

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2018/213

  • Stock No:

    1EGYEA2018003

  • ISBN:

    9781484366998

  • ISSN:

    1934-7685

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