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Egypt only country to post positive growth in MENA in 2020 – IMF

Egypt only country to post positive growth in MENA in 2020 – IMF
Egypt’s economy is expected to grow by 2.8% in fiscal year 2020/2021

Cairo – Mubasher: Egypt is expected to be the only country in the MENA region to record positive economic growth in 2020, thanks to the recent economic reforms, according to the International Monetary Fund (IMF).

Without recent reforms, which had significantly reduced debt (though still high) before the crisis, Egypt would have entered the crisis in a more vulnerable position,” the IMF said in a report, released on Monday, on the Middle East, North Africa and Central Asia’s economic outlook.

The Central Bank of Egypt (CBE) cut interest rates by a cumulative of 350 basis points from the beginning of the crisis until the end of last September

Egypt’s government cash transfer programmes, including Takaful and Karama and an aid programme for informal labourers, grew by more than 150% compared with pre-COVID-19 levels.

Earlier, the IMF expected Egypt’s economy to grow by 2.8% in fiscal year 2020/2021.