IMF and WB expect improvement in economic development in Egypt

A recent report by the International Monetary Fund (IMF) said that economic development in Egypt is expected to improve in the near future accompanied with a decline in the inflation rate.

On the same plane, Egypt's foreign currency reserve will remain stable due to a decrease in demand on foreign accounts and an increase in foreign currency income through tourism.

The report stressed the importance of expanding the privatization program and liberating foreign trade within the framework of the cooperation agreement signed between Egypt and the European Union in addition to reforming the taxation system to attract foreign investments, which will contribute further to economic development.

Furthermore, within the Arab states, economic development is expected to rise with rates ranging between 1- 2 per cent in Saudi Arabia and Kuwait, an Egyptian statement said.