IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.
International Monetary Fund (IMF) has lauded Egypt's measures to address the impacts from the outbreak of the Covid-19 pandemic.
Egypt's portfolio flows are recovering, with reported net inflows of more than $9 billion between June and October—following more than $15 billion in outflows during March/April— reflecting attractive domestic yields with 90-day T-bills at around 13.5 percent, International Monetary Fund (IMF) said Thursday.
Mohieddin added in a TV interview that this includes increasing the country's investments in the sectors of health care, education and infrastructure to achieve sustainable and long-term growth.
The 12-month SBA in the amount about US$5.2 billion was approved by the Executive Board on June 26, 2020 to support the authorities’ economic reform program during the COVID-19 crisis.
The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt’s economic program supported by the IMF’s $5.2 billion Stand-by Arrangement
IMF is shouldering big responsibilities pertaining to increasing investments and following up the foreign debts worldwide, he explained.
Egyptian candidate Mahmoud Mohieldin was elected unanimously as the executive director of the International Monetary Fund (IMF) and, accordingly, an IMF board representing the country and Arab states.
The growth of those countries combined is expected to be -1% down from 2.8% in 2019.
That is by virtue of the economic reform program undertaken by the state since 2016.
In one of the 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance Mohamed Mait displayed figures on the performance of the Egyptian economy during the COVID-19 crisis and plans for the future.
Ma’it clarified that this came as a result of the fruitful economic reforms that the government undertook with strong political will, and the support of the Egyptian people.
At the same time, it expected that the Egyptian economy would achieve growth rates of 5.6 percent over the medium term by 2025.
Egypt succeeded in reversing the external debt curve, to record a decline for the first time in more than 4 years.
The research noted that targeted cash transfers were also set up to reach vulnerable families.
In a report released on Tuesday, the IMF said that the Egyptian banking system is liquid and well capitalized, with strong profitability and asset quality.
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.
This came after holding a number of online meetings between the members of the IMF mission and representatives of CBE from June 15 until June 29.
The system was liquid, profitable, and well capitalized heading into the crisis, but risks around banks’ loan portfolios, capital costs, and profitability have increased due to the economic slowdown.
IMF clarified that this percentage came as the global recovery is now expected to be more gradual and domestic activity is projected to remain weak for longer.