Egypt's growth forecast unchanged in latest IMF report

The International Monetary Fund (IMF) has kept its forecasts for Egypt's growth at 4.2 percent in 2015 and 4.3 percent in 2016, revealed in a report released on Tuesday at the World Economic Outlook in Lima.

The IMF expects consumer prices to increase in 2015 to 11 percent compared to 10.1 percent in 2014 and slow to 8.8 percent in 2016.

The IMF foresees Egypt's deficit falling by 0.8 percent to 3.7 percent in 2015 and 4.5 percent in 2016 compared to 13.4 percent in 2014.

Egypt's savings following the drastic oil price drop was a main factor allowing the economy to maintain its performance, according to an IMF official.

"But this is an unsustainable factor," said the official, noting that commodity prices continue to fall.

"The fall in commodity prices, which accelerated recently, will have a dramatic impact on developing countries, especially those that export them," said Maurice Obstfeld, IMF research director.