In its World Economic Outlook, the Fund edged up its 2019 forecast for consumer price inflation to 14.5 percent from 14 percent. It predicted an easing to 12.3 percent in 2020.

Egypt's gross domestic product grew 5.3 percent last year, when inflation was 20.9 percent.

The IMF forecast this year's current account deficit at 2.4 percent of GDP, the same as 2018 and unchanged from its forecast in October.

Unemployment was projected to fall to 9.6 percent from 10.9 percent last year.

Egypt signed a three-year $12 billion loan programme with the IMF in late 2016 as it sought to attract back international investors who pulled out after an uprising in 2011.

The government imposed tough reforms, including a steep currency devaluation and deep cuts to energy subsidies and introducing a value-added tax, leaving many of Egypt's nearly 100 million citizens struggling to make ends meet.

Egypt will remove remaining subsidies on most energy products by June 15, it told the IMF in a January letter released by the fund on Saturday as part of a review of the loan programme.