However, she highlighted that inflation rates have already begun to decline steadily and consistently, and are projected to fall to 12 percent in 2018 – less than half of July 2017’s record inflation rate of 35 percent. Lagarde called for patience after describing Egypt’s economic reform measures as necessary, saying that the country avoided an economic collapse and would not be enjoying its current climate of investor confidence were it not for the implementation of the economic measures. She also pointed out that Egypt’s growth rate is exceeding regional levels. At 5 percent, Egypt’s growth stands significantly higher than the average growth in the Middle East and Africa – 3.5 percent. This would not have been achieved without the difficulties, sacrifices, and efforts made to maintain the economic transition, concluded Lagarde.

Source: Egypt Independent February 05, 2018 12:44 UTC