IMF plans to disburse $1.6 billion to Egypt as part of $5.2 billion loan, hails its economy performance

SourceEgypt Today

Egypt’s economy has performed better than expected despite the pandemic, thanks to a swift, balanced and comprehensive stimulus package, monetary policy response, targeted financial sector initiatives, and a timely financing request from the IMF’s Rapid Financing Facility and Stand-by Arrangement of nearly $8 billion. While domestic activity shows early signs of recovery and financial market conditions have improved, key sectors like tourism remain at an almost standstill and risks linger particularly amid a second global wave of COVID-19 infections. Continued strong program implementation, including sustained progress in key structural reforms, is vital to build resilience. This will also ensure that investors remain confident in the outlook for Egypt. Washington, DC: An International Monetary Fund (IMF) team led by Ms. Uma Ramakrishnan held a virtual mission from November 4 to 15, 2020 with the Egyptian authorities to discuss recent economic developments and policy priorities of the first review for Egypt’s economic program supported by the IMF’s 12-month Stand-by Arrangement. At the end of the discussions, Ms.

Ramakrishnan issued the following statement: “The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt’s more...