{"id":322460,"date":"2021-06-27T09:38:38","date_gmt":"2021-06-27T09:38:38","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322460"},"modified":"2021-06-27T09:38:38","modified_gmt":"2021-06-27T09:38:38","slug":"imf-board-agrees-to-disburse-final-2-billion-tranche-of-egypt-standby-loan","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/06\/27\/imf-board-agrees-to-disburse-final-2-billion-tranche-of-egypt-standby-loan\/","title":{"rendered":"IMF board agrees to disburse final $2 billion tranche of Egypt standby loan"},"content":{"rendered":"

The board of the International Monetary Fund (IMF) said on Wednesday it completed the second and final review of Egypt\u2019s economic reform programme, allowing to disburse a $1.7 billion financing.<\/p>\n

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. <\/a><\/p>\n

On June 5, IMF reached a staff-level<\/a> 12-month SBA agreement with Egypt to help the North African country grapple with the pandemic and its economic fallout.<\/p>\n

\u201cThe Egyptian authorities have managed well the economic and social impact of the COVID-19 pandemic.\u201d Antoinette Sayeh, the IMF\u2019s deputy managing director and acting chair, said.<\/p>\n

\"\"
Antoinette Sayeh, the IMF\u2019s deputy managing director and acting chair<\/figcaption><\/figure>\n

\u201cProactive 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.\u201d<\/p>\n

\u201cThe 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.\u201d Sayeh added.<\/p>\n

Egypt\u2019s 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.<\/p>\n

The IMF pointed out the need for deepening and broadening structural reforms to address post-pandemic challenges, strengthen buffers and unleash Egypt\u2019s \u201cenormous growth potential\u201d.<\/p>\n

The IMF\u2019s 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.<\/p>\n

\u201cThe authorities\u2019 national structural reform plan aims to achieve strong private sector-led growth to create durable employment and improve external resilience.\u201d the executive directors said.<\/p>\n

\u201cThis 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.\u201d<\/p>\n

The Central Bank of Egypt\u2019s 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.<\/p>\n

\u201cTwo-sided exchange rate flexibility is essential to absorb external shocks and maintain competitiveness,\u201d she added.<\/p>\n

Egypt\u2019s banking system remains resilient, having entered the crisis well-capitalised and with ample liquidity, the executive directors stated.<\/p>\n

\u201cAs crisis-related measures are unwound, continued supervisory vigilance will be needed to closely monitor lending standards,\u201d Sayeh said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The board of the International Monetary Fund (IMF) said on Wednesday it completed the second and final review of Egypt\u2019s economic reform programme, allowing to disburse a $1.7 billion financing.<\/p>\n","protected":false},"author":4,"featured_media":319992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[221],"class_list":["post-322460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-international-monetary-fund-imf"],"yoast_head":"\nIMF board agrees to disburse final $2 billion tranche of Egypt standby loan - egy-africa<\/title>\n<meta name=\"description\" content=\"The board of the International Monetary Fund (IMF) said on Wednesday it completed the second and final review of Egypt\u2019s economic reform programme, allowing to disburse a $1.7 billion financing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/06\/27\/imf-board-agrees-to-disburse-final-2-billion-tranche-of-egypt-standby-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF board agrees to disburse final $2 billion tranche of Egypt standby loan - 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