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Minister of Finance Amr el Garhy said Tuesday that the second term in office of President El-Sisi will see a strong economic performance, Egypt Today reports.

Garhy stated his ministry is working to reduce the budget deficit to 4% by 2022 and the government is going ahead with its economic reform program.

Beyond the potential reforms, economists also predict Egypt’s economy will continue to strengthen.

“While the market consensus is already very positive on Egypt, we see a range of factors continuing to drive the stocks higher, including macroeconomic repair and fiscal cuts under the IMF’s supervision, and GDP growth from gas production and tourism recovery. This will help to reduce the current account deficit too,” Hasnain Malik, head of equities research at Exotix Capital, told Bloomberg.

For more information on Egypt, visit our Egypt category.

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