Oil price decline to reduce Egypt's fiscal deficit

The worldwide drop in oil prices would reduce Egypt's fiscal deficit, the current account balance and rates of inflation and poverty in the state, the World Bank said on Thursday.
In its quarterly report on the Middle East and North Africa, the WB said the low oil prices would have a positive impact on Egypt's growth rates and could solve the electricity problem.
Meanwhile, the WB warned that the drop in oil prices could badly affect the Egyptian expats' remittances and the Gulf financial aid to Egypt.
The decline in oil price, which have dropped to about half of what they were six months ago, would help Egypt's government to complete its reform program, the WB said, shedding light on some improvements to Egypt's economic indicators, such as the Gross Domestic Product, the unemployment rates and the tourism sector.
With the decline in the unemployment rate to 12 percent and the budget deficit to 10 percent, the WB expected the growth rates in Egypt to hit 4.3 percent.