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New Budget Targets 5.8% Economic Growth
Source: 4/19/2018

Finance Minister Amr el Garhy said the International Monetary Fund (IMF) forecasts for Egypt's economic growth rate hit 5.2 percent in the current fiscal year, expecting the rate to reach 5.8 percent in the coming budget of the Egyptian government.

In statements on the fringe of his participation in the 2018 Annual Spring Meetings of the International Monetary Fund and World Bank Group, Garhy said the annual inflation rate witnessed a skyrocketing rise in July 2017 to hit 35 percent, but it has started to gradually decrease to reach 13.1 percent by March 2018.

He also said unemployment rate was down from 13.5 percent to 11.3 percent during the period from the end of December till the present time, explaining that the mega national projects that are currently under way have provided various job opportunities for irregular workforce.

The minister also pointed out that the unemployment rate is planned to be reduced to 9.7 percent by the end of the fiscal year 2018/2019.

On the third review of the IMF, Garhy said the fund's mission will start in May to get briefed on the latest developments in the economic performance and deals signed between Egypt and the fund, adding that Egypt will receive dlrs 2 billion after the third review.

On his current participation in the IMF and WB Spring meeting, the minister said the Egyptian delegation is currently holding several meetings with international banks including an important one on Egypt's classification as per the transparency of the state's budget along with public participation in government fiscal policy and budget making and the participation of other influential bodies and non-state actors within the country in outlining the budget.

He said Egypt targets upping its classification degree in the third review of the IMF, adding that transparency in the preparation of the state's budget would increase confidence of the international community, donors and investors in Egypt's economy.

The IMF raised its forecast for Egypt’s GDP growth for the 2017/2018 fiscal year ending in June to 4.8 percent from 4.5 percent last year, citing a recovery in consumption and private investment rates.

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