Macroeconomic reforms vital to the revival of Egypt – ZAWYA

Macroeconomic reforms vital to the revival of Egypt – ZAWYA

Now Egypt is being hailed by investors as one of the region's fastest-growing economies, favoured by international investors who seek high yields in an increasingly uncertain global environment.. Egypt's economic reform programme implemented a significant policy adjustment that was anchored by the liberalisation of the foreign exchange market and fiscal consolidation to ensure public debt sustainability, said the IMF.. The Egyptian economy is being supported by the government's ongoing efforts to improve the business operating environment," said S&P.. Fitch Ratings expects growth to continue to around 5.5 per cent this year, with inflation to averaging eight per cent in 2020-2021, down from 14.4 per cent in 2018, following a strengthened macroeconomic performance last year.. The country's macroeconomic situation has evidently improved since 2016, supported by the government's commitment towards the reform programme as well as decisive upfront policy actions.. As part of structural reforms, Egypt launched the Sovereign Fund of Egypt, the country's first sovereign wealth fund to bolster private investment.. Modelled after sovereign wealth funds of its Arabian Gulf allies, Egypt's new investment arm seeks to generate additional wealth from under-utilised state assets.. Partnering with the private sector, the fund will seek to attract domestic and foreign investment as