FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo
CAIRO - 24 June 2021:The International Monetary Fund (IMF)'s conclusion of its second and last review of Egyptian economy program supported by the fund's $5.2 billion Stand-by Arrangement attests to the strong performance of the national economy, Finance Minister Mohamed Maait said.
We are moving ahead with our reform and development march through achieving a balance and flexibility among the adopted financial and economic policies, Maait said in a statement Thursday.
After the end of the last review, the Egyptian government can draw SDR 1,158.04 million (about US$ 1.7billion, the fund said in a press release.
This brings total purchases to SDR 3,763.64 million (about US$ 5.4 billion or 184.8 percent of quota).
Maait said the economic reforms adopted by the government earn national economy a great deal of flexibility in addressing internal and external shocks.
The financial and economic policies adopted by the government during coronavirus pandemic contributed to mitigating the negative repercussions of the pandemic while safeguarding economic stability, debt sustainability, and investor confidence, he added.
IMF experts expected that the national economy will achieve a one-percent surplus of the Gross Domestic Product during the current fiscal year despite the expansion of spending on social protection programs and health safety. (