Egypt’s economy is expected to grow 4.5% in FY2017-18 from 4.1% recorded in the previous year, Invest-Gate reports.

The International monetary Fund (IMF) attributed the expected growth to reforms aimed at “correcting fiscal and external imbalances, restoring competitiveness, and creating jobs,” according to the IMF’s World Economic Outlook report released on October 10.

Egypt’s consumer price inflation is projected at 21.3% for FY2017-18, while the unemployment rate is expected to fall to 11.5% from 12.2%, according to the report.

In November 2016, the IMF agreed to loan Egypt USD 12 bn on a three-year loan program. Since then, Egypt underwent a number of major economic reforms such as fuel and electricity subsidy cuts and floatation of its local currency.