International Monetary Fund
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.
On December 27, many important events took place that changed the world, including the completion of the construction of the Hagia Sophia Cathedral and the signing of the agreement to build the Aswan High Dam.
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 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.
At the same time, it expected that the Egyptian economy would achieve growth rates of 5.6 percent over the medium term by 2025.
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.
This expectation is also implied on large net tourism exporters, such as Costa Rica, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand, and Turkey.
Georgieva said the Egyptian state acted “very swiftly” once the coronavirus pandemic started to protect people and therefore protect the economy.
The latest projection is 2 percentage points lower than the fund's April estimate, the IMF said in its latest Middle East and Central Asia Economic Outlook.
Ramakrishnan added that the IMF supports Egypt in its efforts to mitigate the coronavirus economic fallout on the most affected sectors.
IMF said it expected the global economy to shrink 4.9 percent this year — a sharper contraction than the 3 percent it predicted in April.
In its World Economic Outlook for June, the fund expected Egypt and China to achieve a positive growth in 2020 despite economic challenges posed by the novel coronavirus pandemic.