Egypt Economy Records 5.8 % Growth

Thanks to the economic reform program, established on July 2014, and started in 2016, the budget has reached a very positive level of performance by achieving a growing initial surplus. This, in addition to an increase in total investments to LE1.17 trillion, with a growth of more than 26%, worth %5.8 during current year. The state has allocated LE 149 billion to support bread, rationed goods, fuel, electricity and water, according to research firm, Fox Economics.

International Monetary Fund ''IMF'' statement reported that over the last three years the Egyptian authorities have carried out an ambitious home-grown reform program which has aimed to correct significant external and domestic imbalances, promote inclusive growth and job creation, and strengthen social spending.

Meanwhile, an ''IMF'' team has visited Egypt on May 2019, to conduct the 5th and final review of Egypt’s economic reform program supported by a three-year Extended Fund Facility.

Economic growth is expected to reach 6% in the medium term, as key economic sectors continue to recover. Fiscal consolidation will be helped by an expected increase in tax revenues with accelerating growth and the envisaged tax administration reforms, and as energy subsidy reforms continue.

Noteworthy, Egypt achieved a primary budget surplus of LE 36 billion, a positive leap that has not been achieved in many years.

The surplus is all credited to the public financial tuning efforts, fixing imbalances, reducing differences between income and expenses, and putting an end to the resources drain, which wasted billions of Egyptian pounds in the support system.