The IMF has completed the second review of Egypt’s economic reform program allowing the authorities to draw about $1.7 billion
The IMF also commended Egypt’s strong performance under the Stand-by Arrangement
Egypt’s economic growth is expected to rebound strongly to 5.2 percent in 2021-22, the International Monetary Fund (IMF) said while cautioning that the outlook remains clouded by uncertainty as the country remains vulnerable to shocks due to its high public debt and financing needs.
On Wednesday, the executive board of the IMF completed the second review of Egypt’s economic reform program allowing the authorities to draw about $1.7 billion. The decision brings total purchases to $5.4 billion or 184.8 percent of quota, according to the IMF statement.
The IMF also commended Egypt’s strong performance under the Stand-by Arrangement, a result of timely policy response to the crisis and steadfast implementation of the program with overperformance in key program targets.
On Saturday, Egypt’s President Abdel Fattah El Sisi held a meeting of the ministerial economics group to take stock of the second review of the economic reform program with the IMF. The meeting was attended by the Prime Minister Mostafa Madbouli and Governor of the Central Bank of Egypt Tarek Amer.
The meeting noted with satisfaction that Egypt responded to the COVID-19 crisis with timely and prudent fiscal and monetary easing, which helped mitigate the health and social impact while safeguarding economic stability, debt sustainability, and investor confidence.