IMF Staff Country Reports

Arab Republic of Egypt : Fourth Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

April 6, 2019

Electronic Access:

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Summary:

Egypt’s macroeconomic situation has improved markedly since the initiation of the authorities’ reform program in November 2016. The liberalization of the foreign exchange market, prudent monetary policy, and ambitious fiscal consolidation have helped stabilize the macroeconomic environment. Growth has accelerated; external and fiscal deficits have narrowed; international reserves have risen; and public debt, inflation, and unemployment have declined. Fiscal savings were in part deployed to enhance social protection and ease the burden of adjustment on the poor. Furthermore, ongoing structural reforms aim at promoting private sector-led inclusive growth and job creation. The remainder of the Extended Fund Facility-supported program is focused on consolidating the gains in macroeconomic stabilization, further rebuilding fiscal buffers, and advancing reforms to ensure that lasting progress is achieved.

Series:

Country Report No. 19/98

Subject:

Employment External sector Inflation Supply and demand Unemployment