24 Jun 2021

The IMF (International Monetary Fund) has announced that it has completed its second and final review of the Egyptian economy’s performance after the implementation of its economic reform program. This review is part of the 12-month SBA (Stand-By Arrangement) between Egypt and the IMF, and now that it has been completed, allows Egypt to draw about USD1.7bn representing the final tranche of the arrangement. This brings the total amount borrowed under the facility to USD5.4bn, which represents 185% of Egypt’s quota.

The IMF praised Egypt’s swift fiscal and monetary policy responses to the Covid pandemic. These policies served the dual purpose of mitigating the health and social impacts of the pandemic while protecting the stability of the economy, maintaining debt sustainability, and retaining investor confidence. (Source: IMF (English), Egyptian State Information Service (English), Reuters (English) (Arabic), al-Ahram (English) (Arabic), Egypt Today (English), Mubasher, al-Maal, CNBC Arabia, al-Youm al-Saabe, al-Masry al-Youm, el-Watan, al-Shurouk)