CAIRO: An International Monetary Fund (IMF) mission is scheduled to visit Cairo in the middle of September, to discuss latest economic developments with top government officials, MENA quoted IMF’s Egypt Mission Chief Chris Jarvis Thursday.
The IMF mission was scheduled to visit Egypt in June, but it was postponed to the end of the summer. The visit is a part of the fund’s periodical follow-up operation on the new data of the Egyptian economy.
“Egypt has adopted a “good economic reform program” and also started to implement key to rationalize energy subsidy system,” said Jarvis.
In April, the IMF upgraded Egypt’s economic growth forecast in 2015 to 4 percent, from 3.8 percent in its previous assessment.
Economic growth is projected at about five percent in a ratified state budget for fiscal year (FY) 2015/2016, as the projected deficit was slashed to 8.9 percent of GDP.
“Egypt’s macroeconomic stabilization plans and wide-ranging structural reforms are expected to increase confidence, and growth is expected to rise to 4 percent this year,” the IMF said in its April World Economic Outlook (WEO.)
The fund forecasts Egypt’s economy to grow by 4.3 percent in 2016, noting that lower oil prices will reduce Egypt’s vulnerabilities as a main oil importer in the Middle East.