Egypt’s president urges continuing measures to maintain stability of economic indications

CAIRO – 26 June 2021: Egypt’s President Abdel Fattah El Sisi on Saturday urged continuing taking the procedures required to maintain the stability of economic and monetary indications.

This came as he met with the ministerial economic group, in the presence of Prime Minister Mostafa Madbouli and Governor of the Central Bank of Egypt Tarek Amer.

Minister of Planning Hala El-Saeed, Minister of International Cooperation Rania El-Mashat, Minister of Finance Mohamed Maeet, Minister of Public Enterprise Sector Hisham Tawfik and other officials attended the meeting.

The president followed up on the details of the success of the second review of the economic reform program with the International Monetary Fund (IMF).

The Executive Board of the IMF completed, Wednesday second, final 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 IMF statement.

It was added 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.

Egypt’s Economic growth is expected to reach 2.8 percent in FY2020/21 and rebound strongly to 5.2 percent in FY2021/22, but the outlook remains clouded by uncertainty while Egypt remains vulnerable to shocks due to its high public debt and gross financing needs, IMF stated.

They 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.