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Growth of Egypt picks up to 4.2%

CAIRO

Egypt’s gross domestic product grew by 4.2 per cent in the 2016-2017 fiscal year that ended in June, the planning minister said on Wednesday.

GDP growth for the fourth quarter of 2016-2017 stood at 5 per cent compared with 4 per cent in the same period the previous year, Planning Minister Hala Al Saeed said.

Egypt last November signed a $12 billion three-year IMF loan agreement tied to sweeping economic reforms such as tax hikes and subsidy cuts that the government hopes will lure back foreign investors who fled after the 2011 uprising.

Foreign direct investment in the 2016-17 fiscal year jumped 27.5 per cent from a year earlier, the report showed.

Egypt’s foreign debt meanwhile rose 38.4 per cent, to $73.9 billion at the end of March 2017, up from $53.4bn in March 2016.

Agencies