Egypt’s financial system prone to develop by 4.2% subsequent yr, says minister By Reuters

CAIRO (Reuters) – Planning Minister Hala al-Saeed predicted Egypt’s financial system would develop by 2.9% or 3% within the monetary yr to end-June earlier than accelerating to 4.2% in 2024/25, in line with a ministry assertion launched on Sunday.

The expansion would come from funding spending, internet exports and imports and client spending, Saeed stated.

Throughout Worldwide Financial Fund (IMF) talks in Washington on April 16, Finance Minister Mohamed Maait predicted 2.8% development this yr and 4.2% in 2024/25.

The financial system had been dragged down by a power lack of international forex. However that has been alleviated by a $24 billion actual property cope with the United Arab Emirates in late February, plus a pointy devaluation of the forex and the signing of an $8 billion settlement with the IMF in early March.

The central financial institution on Might 23 stated development had slowed to 2.3% within the fourth quarter of 2023 from 4.2% a yr earlier and that indicators steered development would stay subdued in Jan-March 2024.