IMF forecasts Egypt's economy to grow 4.3 percent in next fiscal year, says it's recovering

The International Monetary Fund says Egypt's economy will grow 4.3 percent in the fiscal year 2015/2016.

In a statement issued on Wednesday after its executive board reviewed consultations held late last year, the IMF said Egypt's economy is starting to make a turnaround despite its current difficulties following years of instability.

It also confirmed its forecast of 3.8 percent growth for the current fiscal year, which ends on June 30, compared to 2.2 percent in the previous period.

The IMF says that as Egyptian "authorities implement policy initiatives, prospects for growth, employment, and macroeconomic stability will improve."

Political unrest since the 2011 ouster of longtime autocrat Hosni Mubarak has battered Egypt, leaving the vital tourism industry in tatters and making it difficult to attract foreign investors.