Egypt: Financial report

From: Middle East | Date: July 1, 1998| Author: | Copyright information

In the 1990s Egypt has emerged as a role-model for the IMF adjustment programmes in the Middle East and African region. The country, supported by three stand-by arrangements (1991, 1993 and 1996) has achieved a remarkable economic transition.

During the late 1980s Egypt was gripped by chronic macro-economic instability. Fiscal and current account deficits averaged 15 per cent and eight per cent of GDP respectively and inflation exceeded 20 per cent. The external debt rose to an unmanageable level, with increasing arrears. Confidence in the Egyptian pound (E) was at a low ebb, with rising ...

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