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Egypt - Financial Sector Reform Programme - Programme Completion Report (PCR)
Broadly, Egypt’s relatively stable macroeconomic framework was supportive for financial sector reforms. GDP growth had rebound to 6.8 percent in 2005/06, compared to low growth of about 3 percent during 2001-03. Further, inflation had returned to single digits after staying close to 12 percent for most of 2004. However, concerns lingered over long-term fiscal sustainability, as fiscal deficits remained high, at about 9 percent of GDP in 2004/05 (IMF, 2005, 2007).