Egypt\u2019s net foreign reserves jumped from $42.611 billion in the end of March to $44.030 billion at the end of April, announced the central bank of Thursday. The announcement comes to complement Egypt\u2019s constant rise of foreign reserves since it secured a $12 billion from the International Monetary Fund (IMF) as part of the IMF\u2019s three-year loan program.<\/p>\n
\u201cEgypt\u2019s forex reserves have reached 44.03 billion dollars by the end of April 2018,\u201d said the CBE, noting the forex reserves stood at about 42.6 billion dollars in March.<\/p>\n
Egypt joined the program in 2016 in an attempt to re-position itself as a desirable investment destinaiton.<\/p>\n
The IMF program included some severe acts on Egypt\u2019s part such as floating the Egyptian pound, as well as fuel and energy subsidy cuts and tax increases. In exchange for the IMF loaning it 12-billion-dollars.<\/p>\n
Last summer, the country\u2019s foreign reserves reached $36.04 billion, surpassing the pre-2011 reserve levels for the first time. The IMF predicted Egypt\u2019s economic growth will continue during the next few years.<\/p>\n
\u201cGrowth is projected to rise to 5.2 percent in fiscal year (FY) 2018, compared to 4.2 percent in the previous one, and accelerate further to 5.5 percent in FY 2019, aided by an increase in gas production,\u201d the IMF said in an annual report released Wednesday.<\/p>\n
It added that the outlook for Egypt\u2019s economy improved and increased confidence of investors in its economic and investment climates, citing the recent increase in Egypt\u2019s exports and tourism as well.<\/p>\n
The country marked in late January the early production of Zohr gas field, the largest in the Mediterranean Sea, which was discovered in the Egyptian offshore by Italy\u2019s oil giant Eni in August 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt\u2019s net foreign reserves jumped from $42.611 billion in the end of March to $44.030 billion at the end of April, announced the central bank of Thursday. The announcement comes to complement Egypt\u2019s constant rise of foreign reserves since it secured a $12 billion from the International Monetary Fund (IMF) as part of the IMF\u2019s […]<\/p>\n","protected":false},"author":40,"featured_media":87023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[37294,2484,7955],"class_list":["post-87022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-economic-reforms","tag-egypt","tag-imf"],"yoast_head":"\n