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Egypt's GDP Growth Exceeded Expectations: IMF
Source: 1/24/2018

The International Monetary Fund (IMF) said that Egypt's economic reform program is on the right path, adding that the economic growth is healing and inflation rate decreased.

In a statement, the IMF cleared that growth rate of the Egyptian economy increased from 1.1% in the first quarter of 2016-2017 fiscal year to 2.2% in the fourth quarter of the same fiscal year. On annual basis, the economic growth rate increased from 3.5% in 2015-2016 fiscal year to 4.2% in 2016-2017.

It added that Egypt succeeded to meet the performance standards of the second review of the reform program, indicating that the Central Bank of Egypt managed to reach the aimed at level of foreign currency reserves rate and it avoided interfering in the money market after liberalization of the exchange rate.

IMF confirmed that the decision of liberalization of the exchange rate in Egypt aims at achieving stability in the Foreign Exchange Market.

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