Cabinet denies news of looming economic crisis in Egypt

CAIRO - 16 April 2019: Egypt is not on the verge of a severe economic downturn, the Cabinet has assured.

News of a looming economic crisis as a result of terms of the International Monetary Fund (IMF) and increasing interest rates on debt is baseless, the Information and Decision Support Center (IDSC) said in a report Tuesday

The IDSC said it had contacted the Finance Ministry to verify the news and was assured that, to the contrary, the economic landscape is improving.

Several international institutions have spoken highly of a successful Egyptian economic reform program, the IDSC noted

The IDSC report touched upon a tangible improvement in all global ratings of Egypt's economy.

The circulated news is only a rumor meant to shake confidence in the now recovered and stable Egyptian economy, the report assured.