{"id":322500,"date":"2021-06-29T11:40:26","date_gmt":"2021-06-29T11:40:26","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322500"},"modified":"2021-06-29T11:40:26","modified_gmt":"2021-06-29T11:40:26","slug":"imf-says-egypts-real-gdp-to-grow-5-2-in-fy2021-22","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/06\/29\/imf-says-egypts-real-gdp-to-grow-5-2-in-fy2021-22\/","title":{"rendered":"IMF says Egypt\u2019s real GDP to grow 5.2% in FY2021\/22"},"content":{"rendered":"

Egypt\u2019s real GDP is expected to significantly grow to 5.2 percent in the financial year 2021\/2022, said the International Monetary Fund\u2019s (IMF) mission chief for Egypt on the stand-by agreement programme Celin Allard.<\/p>\n

The figure is much higher from the projected 2.8 percent for the current 2020\/2021 year.<\/p>\n

Allard made her remarks during a press briefing held virtually on the occasion of the completion of Egypt\u2019s 12-month SBA loan programme.<\/p>\n

The IMF official stressed that Egypt needs to continue setting a balance between maintaining its recovery efforts and preserving its financial stability.<\/p>\n

\u201cEgypt was one of the few countries that experienced positive economic growth in 2020. The IMF expects its economy to grow by 2.8% in FY2020\/21 and by 5.2% in FY2021\/22. Together with Egypt\u2019s quick pandemic response, the IMF\u2019s support has helped maintain economic stability.\u201d IMF said in a tweet<\/a>.<\/p>\n

Regarding whether Egypt is in talks with the IMF to secure more loans going forward, Allard told Ahram Online that the government will decide if it needs to engage in future loan programmes with the IMF. The Fund will remain closely engaged with the Egyptian authorities and continue supporting the country\u2019s reform agenda, she added.<\/p>\n

Allard further said that the IMF is continuing its technical support programmes with Egypt and is sharing policy advice.<\/p>\n

She also noted that the country has to reduce the role of the state in the economy and unleash the private sector\u2019s hand to play a greater role in Egypt\u2019s economy.<\/p>\n

On Egypt\u2019s external debt, Allard lauded the government\u2019s medium\u2011term revenue strategy and its medium-term debt strategy as key instruments for reducing the high public debt and gross financing needs while creating space for priority spending.<\/p>\n

The IMF official also said that there are no further measures that need to be done by Egypt with regards to the SBA programme.<\/p>\n

However, Allard stressed that \u201cEgypt needs to take a number of measures for its growth going forward, including strengthening social protection and better integrating in global trade so as to support and increase its exports.\u201d<\/p>\n

On Wednesday, the IMF\u2019s executive board announced the completion of the second and final review of Egypt\u2019s economic reform programme under the SBA, allowing the country to receive about $1.7 billion, the third tranche of the loan.<\/p>\n

By getting the third tranche, Egypt will have received a total of $5.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s real GDP is expected to significantly grow to 5.2 percent in the financial year 2021\/2022, said the International Monetary Fund\u2019s (IMF) mission chief for Egypt on the stand-by agreement programme Celin Allard.<\/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-322500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-international-monetary-fund-imf"],"yoast_head":"\nIMF says Egypt\u2019s real GDP to grow 5.2% in FY2021\/22 - egy-africa<\/title>\n<meta name=\"description\" content=\"Egypt\u2019s real GDP is expected to significantly grow to 5.2 percent in the financial year 2021\/2022, said the International Monetary Fund\u2019s (IMF) mission chief for Egypt on the stand-by agreement programme Celin Allard.\" \/>\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\/29\/imf-says-egypts-real-gdp-to-grow-5-2-in-fy2021-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF says Egypt\u2019s real GDP to grow 5.2% in FY2021\/22 - 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