NDB expands to 11 members, raises $16.1bn in 2024, says Rousseff    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    EGX closes mixed on July 7th    Gold retreats as investors await tariff clarity    Egypt, UNDP discuss future health projects – Cabinet    Egypt calls for stronger central bank cooperation, local currency use at BRICS summit    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt's Talaat Moustafa Group H1 sales jump 59% to EGP 211bn    Egypt, Uruguay eager to expand trade across key sectors    Egypt accelerates coastal protection projects amid rising climate threats    Deadly Israeli airstrikes pound Gaza as Doha talks raise hopes for ceasefire    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IMF board agrees to disburse final $2 billion tranche of Egypt standby loan
Published in Amwal Al Ghad on 24 - 06 - 2021

The board of the International Monetary Fund (IMF) said on Wednesday it completed the second and final review of Egypt's economic reform programme, allowing to disburse a $1.7 billion financing.
This brings the total financing under a 12-month Stand-By Arrangement (SBA) to $5.4 billion, or 184.8 per cent of quota, the Washington-based lender said in a statement.
On June 5, IMF reached a staff-level 12-month SBA agreement with Egypt to help the North African country grapple with the pandemic and its economic fallout.
"The Egyptian authorities have managed well the economic and social impact of the COVID-19 pandemic." Antoinette Sayeh, the IMF's deputy managing director and acting chair, said.
Antoinette Sayeh, the IMF's deputy managing director and acting chair
"Proactive economic policies shielded the economy from the full brunt of the crisis, alleviating the health and social impact of the shock while maintaining macroeconomic stability and investor confidence."
"The economic recovery is under way, but the outlook is still clouded by uncertainty related to the pandemic. High public debt and large gross financing needs leave Egypt vulnerable to shocks or changes in financial market conditions for emerging markets." Sayeh added.
Egypt's economy is expected to expand by 2.8 per cent in the financial year ending June 30, 2021, and accelerate 5.2 per cent during the 2021-22 financial year, according to IMF recent projections.
The IMF pointed out the need for deepening and broadening structural reforms to address post-pandemic challenges, strengthen buffers and unleash Egypt's "enormous growth potential".
The IMF's executive directors recommended continuing efforts to ensure debt sustainability, boost transparency and governance, and undertake structural reforms to build a greener, digital and more inclusive economy.
"The authorities' national structural reform plan aims to achieve strong private sector-led growth to create durable employment and improve external resilience." the executive directors said.
"This will require sustained efforts to improve resource allocation by reducing the role of the state in the economy, enhancing governance and transparency, improving the business environment, deepening financial markets, and increasing integration into global trade."
The Central Bank of Egypt's data-driven approach to monetary policy has helped keep inflation below its target range, Sayeh noted. This provides scope for monetary policy to further support the economic recovery as warranted by inflation and economic developments.
"Two-sided exchange rate flexibility is essential to absorb external shocks and maintain competitiveness," she added.
Egypt's banking system remains resilient, having entered the crisis well-capitalised and with ample liquidity, the executive directors stated.
"As crisis-related measures are unwound, continued supervisory vigilance will be needed to closely monitor lending standards," Sayeh said.


Clic here to read the story from its source.