IMF: Egypt's current account deficit expected to fall to 2.6% of GDP

WASHINGTON, JULY 12 (SEE) The International Monetary Fund (IMF) said on Thursday that Egypt's current account deficit will fall to 2.6 percent of GDP in 2018-2019, compared to 6 percent in the previous fiscal year, reaching 2 percent in the medium term.

In the full report of the third review published on its website, the IMF confirmed that the performance of the Egyptian economy will continue to improve in the coming period while reducing the fiscal and external deficit.

IMF also predicted the Gross Domestic Product (GDP) to reach 5.5 percent, and that the fuel subsidy bill would fall to 2.1 percent of GDP during the current fiscal year 2018/2019.