IMF expects Egypt's strong growth to boost economies in Middle East, North Africa

Source: Xinhua| 2019-10-28 19:43:59|Editor: xuxin
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CAIRO, Oct. 28 (Xinhua) -- The rapid economic growth achieved by Egypt is expected to boost the economies of the Middle East and North Africa, the International Monetary Fund (IMF) reported on Monday.

The IMF's Regional Economic Outlook October's report predicted that the real average GDP growth of the oil-importing countries in the Middle East and North Africa will reach 4.4 percent in 2019 given the strong growth of the Egyptian economy.

The report attributed the revival of the Egyptian economy that has been ailing for several years due to the eruption of two uprisings to the improvement in tourism sector and the increase of the natural gas production.

The report hailed "the social protection programs launched in Egypt amid its national economic reform plan in alleviating the burdens and increasing the numbers of the benefited persons to ten million."

The report also stressed that the Egyptian economy has achieved fast growth that ranks among the highest levels in the region, which was manifested in the reduction of the current account deficit, the increase of the currency reserve and the decline of general debt, unemployment and inflation rates.

"Amid volatile oil prices, precarious global growth, elevated fiscal vulnerabilities, and heightened geopolitical tensions, Egypt continues to register strong growth rates," it added.

Egypt implemented its economic reform program in 2016 to secure a loan of 12 billion U.S. dollars from the IMF. The final disbursement was in August.

Egyptian Minister of Finance Mohamed Maait told state-run Ahram newspaper on Sunday that Egypt might opt for a new IMF loan by March if needed.