The International Monetary Fund (IMF) said on Tuesday that the reform measures driven by the Egyptian government such as currency devaluation led to an economic recovery in different sectors even as inflation remains high. “Remittances are improving as well as other traditional sectors.”IMF expects that the Egyptian economy will grow by 4.5 percent in 2018 up from 4.1 in 2017. Azour added that the government’s economic reformation plan is to capitalize on the “improvement in competitiveness” to make its economy more reliant on exports for growth. The devaluation has made Egyptian exports cheaper. Non-oil exports and tourism grew about 16 percent in the fiscal year that ended June 30, suggesting a gradual improvement in the economy is taking hold.

Source: Egypt Independent October 31, 2017 14:03 UTC