IMF lauds performance of Egyptian economy

A report by the International Monetary Fund (IMF) mission said the performance of Egyptian economy this year was remarkably better than it was 10 years ago.

The Egyptian economy was able to avoid a lot of slowdown causes by virtue of the policies adopted by the government in the past two years, said the report which was sent to Prime Minister Atef Ebeid on Monday.

The government's wisdom was behind avoidance of several foreign pressures, the IMF report said.

The IMF mission estimated the growth rate of Egyptian economy at 4.5 per cent, expecting the rate would climb to 5.5 per cent during the coming year.

The report said the big challenge before the Egyptian economy would be how to achieve the targeted growth rate and, in the meantime, face the budget deficit.

A package of safe financial policies, commitment to current economic policies and providing an atmosphere conducive to investment would help the government carrying on, according to the report.

Members of the IMF mission ended a ten-day visit to Egypt, during which they reviewed all the available documents and information on the performance of Egyptian economy in the past financial year.