WASHINGTON - 2 September 2020: The International Monetary Fund (IMF) expected Egypt's real GDP growth to reach 6.4% in the fiscal year of 2021/2020.
The IMF issued a report on Tuesday on the files related to Egypt's obtaining of an emergency financial assistance of dlrs 2.77 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic.
In its report, the IMF asserted Egypt's strong ability to fulfill its external obligations, adding that improving and developing the social safety net remains an important priority for the Egyptian government as it examines opportunities to expand social support to include more vulnerable groups.
The fund also underlined positive and important moves taken by the government within the framework of shoring up the country's economy, controlling public finances and reducing public debt as part of its successful economic reform program.
Egypt is committed to a public expenditure review that covers social protection, health, and education programs, according to the report.
The fund said that Egypt is proceeding with structural reforms that include taking measures to improve the efficiency of resource allocation by enhancing transparency and accountability, strengthening competition and improving governance.
In June, the IMF approved a 12-month Stand-by Arrangement (SBA) loan to Egypt, with total access of about dlrs 5.2 billion to address balance of payments financing needs arising from the COVID-19.