Cairo – Mubasher: The International Monetary Fund (IMF) raised its economic growth projections for Egypt in fiscal year 2021/2022 to 5.7% and 2.5% in FY20/21.
The current account deficit is expected to expand to 4% in FY21/22 from 3.1% in FY19/20, the international financial institution said in a report on Tuesday.
The unemployment rate is forecast to increase to 9.8% in FY21/22 from 8.3% in FY19/20.
“The COVID-19 crisis saw an unprecedented use of unconventional monetary policy instruments among emerging market and developing economies.”
Egypt is one of the countries that launched asset purchase programmes (APP) as a means to counter market dysfunction and announced purchases of equities.
The Ministry of Finance announced that the budget recorded a primary surplus of EGP 25 billion in the first nine months of FY20/21.
