Cairo – Mubasher: Egypt’s current account deficit is likely to decline to 4.6% of gross domestic product (GDP) in fiscal year 2017/2018 and to 3.8% in FY2018/19, the International Monetary Fund (IMF) said.
The most populous Arab country should get the third loan tranche of $2 billion from the IMF to narrow its financing gap for FY17/18, the IMF noted in a report issued on Tuesday.
The IMF anticipated Egypt’s primary fiscal deficit to amount to 1.8% of GDP, exceeding the economic reform programme’s target of 1%.
The IMF nod to grant Egypt a $12 billion loan fund facility over three years “in support of this ambitious economic reform program that will help restore macroeconomic stability and bring Egypt's economy closer to its full potential.”
