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EGX ranks no 4 internationally this year - Bloomberg

Egypt's stock index ranked no 4 as one of the world's best on the table this year, Bloomberg said. 

The Egyptian economy began to bearing the fruits of economic reforms after lifting currency restrictions, raising taxes and cutting subsidies, Bloomberg added in its video report. 

The domestic deficit dropped 67% in the current fiscal year, Bloomberg said.

The victory of President Abdel Fattah El-Sisi in the election is expected to pave the way for further economic reforms, Bloomberg added.

“It’s been extremely impressive... We have seen the current account deficit fall by two thirds ... and that’s on the back of better tourism revenues, better remittances, and higher exports,” Middle East Senior Economist at the HSBC bank, Razan Nasser, told Bloomberg.

“There’s certainly a lot more to be done.The fiscal side is one area where they have done a lot but it’s still quite a challenging situation. [The] deficit is still close to 10%, debt is over 100%t of the GDP,” she added.

Nasser expressed her satisfaction with the decisions to reduce the interest rate, given that the ratio of debt service has reached a third of public spending.

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