Page 61 - EGYPT - En Vol.4 HD

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Snapshot of E gypt 59
IMF praises the ability of the Egyptian economy to overcome Fitch Solutions: Egypt secures its external financing needs
the crisis and achieve high growth rates: during 2023:
According to Fitch Solutions, Egypt can secure its external financing needs
The International Monetary Fund confirmed that the with a total of USD 22 billion during 2023. The agency expected Egypt to
Egyptian state was able to implement a strong economic achieve:
reform program, implement balanced fiscal and
monetary policies, deal and adapt to global challenges • An increase in Egyptian exports of goods during FY2022/23 by 3%.
and crises, and develop appropriate solutions to contain • An increase in net services exports to USD 11.4 billion, by 1.7%, driven by
their negative repercussions and reduce their effects on the Egyptian the increase in revenues from the Suez Canal.
economy. The International Monetary Fund expected that the Egyptian • An increase in tourism revenues during Q1 of FY2022/23 by 121% on an
economy would be one of the highest growing Arab economies during annual basis, and 60% on a quarterly basis.
the FY2022/23, to record 3.7%, according to the Fund’s forecasts issued in • A decrease in the current account deficit of GDP during FY2022/23 by
July 2023. 3.6%, compared to 4.1% during FY2021/22.
• A decrease in the trade balance deficit for goods during FY2022/23
In July 2023, IMF expected that the growth rate of the Egyptian economy to reach USD 36 billion, compared to about USD 43.4 billion during
would rise to 4.1% during FY2023/24. While the fund expected a decline FY2021/22.
in the "Inflation Rate" to record about 21.6% during FY2022/23, about 18%
during FY2023/24. External Financing needs during 2023

IMF Forecasts for Growth Rates in some of Emerging and Regional 7.4 Decrease in the trade balance deficit for
Countries USD goods during FY2022/23 to reach USD 3.0% Increase in Egyptian exports of goods
36 billion, compared to about USD 43.4
billion billion during FY2021/22. during FY2022/23 by 3%.
Egypt KSA Argentina
3.7% 1.9% 2.5%
Decrease in the current account deficit Increase in net services exports to USD
3.6% of GDP during FY2022/23 by 3.6%, 1.7% 11.4 billion driven by the increase in
Mexico Turkey Morocco compared to 4.1% during FY2021/22. revenues from the Suez Canal.
2.6% 2.8% 3.0%

4.1 Increase in tourism revenues during Q1 of 22 Egypt can secure its external financing
Nigeria China USD FY2022/23 by 121% on an annual basis, USD needs with a total of USD 22 billion
3.2% 5.2% billion and 60% on a quarterly basis. billion during 2023.

Source: Fitch Solutions, 2023
Source: IMF - July 2023