CAIRO – 10 January 2021: International Monetary Fund (IMF) raised its forecast for the Egyptian economy for 2020/2021 to 2.8 percent, from 2 percent in its forecast in June 2020. In the report of the first review of the Credit Standards Arrangement Program for Egypt, the IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023. According to the report, the growth of the Egyptian economy in 2024/25 is expected to reach 5.8 percent, after recording 5.6 percent in 2023/24. Egypt was one of the few countries that recorded growth during 2020, and the report estimated the growth of the Egyptian economy in 2020 by 1.5 percent. In May, Egypt received $ 2.77 billion from the International Monetary Fund, which represents the value of the rapid credit financing granted to the Egyptian government.

Source: Egypt Today January 10, 2021 15:33 UTC