Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: IMF Executive Board Approves 12-month US$5.2 Billion Stand-By Arrangement for Egypt

Structural reforms will aim to continue strengthening the frameworks for public finances, improve governance and transparency, and reduce barriers to competition to ensure a path towards sustainable and inclusive private sector-led growth

The IMF approved a 12-month Stand-by Arrangement (SBA), with total access of about US$5.2 billion to address balance of payments financing needs arising from the COVID-19. Approval of the SBA enables the immediate disbursement of about US$2 billion; The SBA will support the authorities’ efforts to preserve the macroeconomic achievements…

Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: IMF Reaches Staff-Level Agreement on a 12-Month US$5.2 Billion Stand-By Arrangement

Financing from Egypt’s international partners will be critical to support the key reform objectives and ensure reform success

Egypt’s Stand-By Arrangement (SBA)—following support under the IMF’s Rapid Financing Facility (RFI)—aims to alleviate the economic impact of the COVID-19 pandemic, helping maintain macroeconomic stability, strengthen the social safety net, and support reforms to spur private-sector-led growth and job creation; Financing from Egypt’s international partners will be critical to support…

Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: International Monetary Fund (IMF) Executive Board approves US$ 2.772 Billion in Emergency Support to Egypt to address the COVID-19 Pandemic

Pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability

The Executive Board of the IMF approved Egypt’s request for emergency financial assistance of US$ 2.772 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic; the pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s…

Source: International Monetary Fund (IMF) |

Egypt- International Monetary Fund (IMF) Executive Board Completes Fifth Review under the Arrangement under Extended Fund Facility (EFF)

The completion of the review allows the authorities to draw the equivalent of SDR 1,432.76 million (about US$2 billion)

On July 24, 2019, the Executive Board of the International Monetary Fund (IMF) completed the fifth and final review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF). The completion of the review allows the authorities to draw the equivalent of SDR 1,432.76 million…

Source: International Monetary Fund (IMF) |

Statement by the International Monetary Fund (IMF) Managing Director on Egypt

The economy continues to grow robustly, unemployment is at its lowest level since 2011

Following a meeting with President Abdel Fattah El Sisi in Washington today, Ms. Christine Lagarde, Managing Director of the International Monetary Fund, made the following statement: “President El Sisi and I discussed progress under Egypt’s economic reform program supported by the IMF’s US$12 billion Extended Fund Facility. The program has…

Source: International Monetary Fund (IMF) |

Opening Remarks: Rabat Conference on the Bali Fintech Agenda (by Tobias Adrian)

Promoting progress in Fintech will surely be a daunting challenge for policymakers

by Tobias Adrian Thank you, Governor Jouahri, for your eloquent opening remarks. And thank you to the Bank Al-Maghrib — which is celebrating its 60th anniversary this year — for hosting this conference. We’re pleased to join you here in Rabat, as we continue a series of conferences that we’re convening…

Source: International Monetary Fund (IMF) |

MEDIA ADVISORY: Release of the IMF Departmental Paper on Scaling up Access to Finance for Small and Medium Enterprise in the Middle East and North Africa

Discussions will focus on how small and medium-sized enterprise financial inclusion is at the core of the economic diversification, growth, and job creation challenges many countries are facing

The International Monetary Fund (IMF) will launch its departmental paper entitled Scaling up Access to Finance for SMEs in MENA in a seminar which will take placeat the American University in Cairo, Tahrir campus. The Event is co-hosted by the American University in Cairo, the Economic Research Forum, and the IMF.  Discussions will…

Source: International Monetary Fund (IMF) |

Statement by International Monetary Fund (IMF) Managing Director Christine Lagarde on Egypt

The Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an International Monetary Fund (IMF) financial arrangement

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today: “The Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an IMF financial arrangement. Since then, Egypt has made substantial progress as evident in the success achieved…

Source: International Monetary Fund (IMF) |

Egypt Moving Forward: Key Challenges and Opportunities

Over the next five years, around 3.5 million young Egyptians are projected to join the labor force

The most important issues that face Egypt over the coming years are tied to a rapidly growing population, the modernization of its economy, and how best to ensure a modern social safety net to protect the most vulnerable in society. Below, IMF Mission Chief for Egypt Subir Lall discusses these…

Source: International Monetary Fund (IMF) |

Statement by International Monetary Fund (IMF) First Deputy Managing Director David Lipton on Meeting with Egypt’s President

Following a meeting with Egypt’s President Abdel Fattah El Sisi in Cairo today (May 7, 2018), Mr. David Lipton, First Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement: “President El Sisi and I discussed Egypt’s economic outlook and progress in Egypt’s reform program supported by…