IMF forecasts 6 pct growth for Djibouti's economy in 2013-2016 period

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The International Monetary Fund (IMF) forecasts a 6 percent growth in Djibouti's economy between 2013 and 2016.

In its latest report, the IMF said the Red Sea country has seen encouraging signs in its economy for the past decade and that its GDP could grow at an average of 6 percent in the 2013 and 2016 period.

"The national budgetary deficit has been brought under control, last year it represented only 2.7 percent of the gross domestic product (GDP) and the country's average growth rate for the last decade has been about 4.5 percent," the study noted.

Meanwhile, the IMF experts urged the Djiboutian authorities to continue carrying out reforms in the public finance sector to increase tax collection, and to continue eliminating nonessential expenditures to guarantee the viability of public finances.

To achieve inclusive and diversified economic growth, the IMF analysts insisted on the need to "pursue with determination prudent macroeconomic policies."

They also highlighted the importance of ensuring the viability of public finance by consolidating the progress accomplished recently in the sector.

The IMF experts said the proposed reforms will help improve the business climate, especially through the simplification of regulatory procedures for businesses.

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