The International Monetary Fund (IMF) has praised Egypt’s economic reforms during its third review of the country’s loan program, Invest-Gate reports.

The IMF has shown in their report that macroeconomic conditions have improved during FY 2017-18, with the narrowing of fiscal and external deficits, the decline of inflation and unemployment rates, and acceleration of growth rates.

The recovery in tourism and rising natural gas production have supported the near-term growth, IMF has reported.

IMF has also revealed that the budget deficit has fallen below 3% of the gross domestic growth (GDP).

However, inflation is expected to slightly rise in FY 2018-19 due to the increase in fuel and electricity prices, but IMF has shown the monetary policy stance appears appropriate.

On June 30, Egypt received the approval of the International Monetary Fund (IMF) for its fourth tranche of its USD 12 bn loan.