Egypt's economic performance improving

"Performance of Egypt's economy has improved with inflation rates down and foreign currency reserves at the Central Bank rising," a report released on Wednesday by the Ministry of Economy said.

The annual inflation rate dropped to 2.3 % in December 2000, down from 3.2 % in December 1999, while foreign debts were $ 27.109 billion in December of last year, compared to $ 27.783 billion in late July, the report said, adding that most of the debts were long-and medium-term ones that did not represent any pressure on the country's economy.

Meanwhile, the report said, the foreign currency reserves at the Central Bank of Egypt (CBE) accounted for $ 14.329 billion in November, up from October's $ 14.159 billion.

The report also referred to a $ 2.372 billion slump in the trade balance in the first quarter of the fiscal year 2000/2001, compared to $ 2.996 billion in the first quarter of 1999/2000.