July 12, 2018 / 3:04 PM / 9 days ago

IMF gives Egypt strong marks in third programme review

CAIRO, July 12 (Reuters) - The International Monetary Fund maintained a favourable outlook for Egypt’s economy in its third major review of the country’s loan programme on Thursday but warned against the risks of rising fuel prices and an investor exit from emerging markets.

The IMF said it still sees the economy growing by 5.5 percent in fiscal year 2018-2019, supported by a recovery in tourism and rising natural gas production. That will help trim the current account deficit to 2.6 percent from 4 percent it previously forecast.

The Fund estimated that Egypt would face a financing gap of $1 billion for the year, which it could plug through either a Eurobond or its own reserves, suggesting that Egypt could tap international markets this year after several recent issuances. (Reporting by Nadine Awadalla; Editing by Catherine Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below