Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Moody's forecasts Egypt account deficit to shrink to 3% of GDP in 2020
Published in Amwal Al Ghad on 22 - 07 - 2017

Moody's Investors Service said on Thursday that the International Monetary Fund (IMF) review of Egypt's economic reform programme is "credit positive indicating the current account deficit to shrink gradually to 3 percent of GDP by the end of 2020."
Moody's maintains "stable outlook" on Egypt due to economic reforms with B3 rating.
The B3 rating is at number 16 out of the 21 ratings-tier followed by global rating agencies.
IMF's Executive Board completed a week earlier the first review of Egypt's economic reform programme and approved the second tranche worth $1.25 billion of three-year, $12-billion loan.
The positive review report of the IMF indicates the progress in implementing reforms will help reduce the nation's fiscal and external vulnerabilities, according to Moody's.
Moody's praised the Egyptian government decision of floating the currency as contributing in limiting pressures on payment balance, boosting the state foreign liquidity, eliminating the unofficial market, and incredibly increasing the cash reserve.
Egypt's foreign currency reserves reached $31.3 billion by the end of June, the highest ever since March 2011, when it was estimated at $36 billion.
Moody's report forecasted "a gradual narrowing of Egypt's general government fiscal deficit to about 9.5 percent of GDP by the end of this fiscal year -June 30, 2018- from around 11 percent in 2017, and an improvement in the debt/GDP ratio to 86.5 percent from 95 percent over the same period."


Clic here to read the story from its source.