The Arab Monetary Fund (AMF) expected the Egyptian economy to grow by 5% and 5.5% in 2018 and 2019 respectively, on the back of the country’s ongoing economic reform program, Invest-Gate reports.

AMF’s forecasts came after Egypt succeeded in recording a surplus in the 2017/18 budget by 0.2%, excluding interest, according to the fund’s “Arab Economy Horizons September 2018” report released on September 23.

In January, the International Monetary Fund (IMF) predicted the Egyptian economy would grow by 4.8% in the FY 2017/18 and by 6% in the medium term.

IMF also uplifted its forecast for Egypt’s annual inflation, setting it at 18% in 2018 and projecting that it would drop to 13.5% next year.