Egypt to be only country in MENA region achieving positive economic growth in FY20/21: IMF

Egypt to be only country in MENA region achieving positive economic growth in FY20/21: IMF

CAIRO – 19 October 2020: The International Monetary Fund (IMF) declared Monday that Egypt is the only country in the Middle East and North Africa region that will achieve a positive economic growth in the FY2020-2021 by virtue of the economic reform program undertaken by the state since 2016.

 

The reforms are embodied in currency floating and gradually lifting energy subsidies among others.

 

Egypt's growth rate in FY 2020/2021 is expected to drop to 2 percent due to COVID-19 pandemic with speculations it will rebound to 6.5 percent in FY2021/2022, the IMF said in a report.



The IMF issued a report in August on the files related to Egypt's obtaining of an emergency