Cairo – Mubasher: Egypt’s international reserve is expected to grow to $45.4 billion during the fiscal year 2019-2020, compared to $44.9 billion in FY18/19, according to a report released on Saturday by the International Monetary Fund (IMF).
The IMF increased its estimation for the North African country’s growth in FY19/20 to 5.9% from 5.5%.
Egypt’s public debt is expected to decline to 74% of GDP during FY22/23, the report found, adding that the country’s current account deficit is forecast to go down gradually to less than 2% of GDP.
Earlier in April, Moody’s reported that Egypt was expected to achieve a 1.7% budget surplus during FY19/20, with the budget deficit recording 7.5%.
