Arab Republic of Egypt: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 177

Publication date: June 2005

ISBN: 9781451811841

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , ISCR , CR , government , reform , reform process , director , state company , privatization process , reducing government interference , privatization program , tourism potential , privatization proceeds , Debt financing , Public sector , Government debt management , Global

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Summary

The Arab Republic of Egypt’s 2005 Article IV Consultation reports that the externally driven recovery has gained steam underpinned by a moderate revival in consumption and improved confidence. The Egyptian pound has appreciated, the stock market has reached record highs, and the current account surplus has increased, enabling banks and the Central Bank of Egypt to strengthen their net foreign asset position. The monetary policy did not contain inflation below double-digit rates, and government borrowing and debt remained high.