US bank praises Egypt's economic measures
The Central Bank of Egypt
New York - Mena
The US Goldman Sachs bank praised on Wednesday economic measures taken by the Egyptian government and the Central Bank of Egypt to give a push to the Egyptian economy.
In its reports, Goldman Sachs described the fiscal picture in Egypt as “improving.”
The CBE seeks to make short-term economic changes with an aim of reducing the inflation rate from November to December 2017, GS said.
For the first time, Egypt targets a 0.4% surplus of the Gross Domestic Product in the 2017/2018 budget, the report noted.
In addition, the Egyptian government plans to reduce the debt-to-GDP ratio from 98.4 percent in the 2016/2017 FY to 87.7 percent in the 2017/2018 FY, the report added.
The report also expected the Egyptian pound to gradually increase against the US dollar.
Source : Mena
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