Latest in Tag: IMF Highlight
Latest in Tag: IMF
IMF downgrades Egypt’s economic growth forecast to 4% in FY2023
Exchange rate flexibility will help the Egyptian economy adjust smoothly to external shocks: IMF Senior Resident Representative
In a Saturday statement, the cabinet added that the loan reflects confidence in Egypt’s capabilities to fulfil its international obligations and its ability to achieve the targeted economic growth rates.
Egypt’s IMF-supported programme presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.
It is necessary to secure dollar liquidity to prevent speculations on local currency: Amr Elalfy
The Egyptian government has taken many reform measures to reduce the USD crisis and accelerate obtaining the approval of the Executive Board of the IMF for the $3bn loan by liberalising the exchange rate on 27 October.
Meeting comes within IMF Managing Director Kristalina’s participation in COP27 in Sharm El-Sheikh
They added in a report: Contrary to our expectations, authorities proceeded with an immediate rather than a gradual weakening of the currency. Indeed, on 27 October, the Central Bank of Egypt (CBE) held an unscheduled meeting of its Monetary Policy Committee (MPC) during which it hiked its overnight deposit and lending rates by 200 basis points (bps) to 13.25% and 14.25%, respectively, and announced the introduction of a flexible exchange rate.
The new EFF aims to safeguard macroeconomic stability and debt sustainability, improve Egypt’s resilience to external shocks, strengthen the social safety net, and step-up reforms that underpin higher private-sector-led growth and job creation.
Reaching agreement on IMF loan would stimulate foreign investment, give confidence to investors: Hassan
Great progress in loan negotiations on fiscal and monetary policies: Maait
Egypt’s negotiations with the IMF over started in March. One of the stumbling blocks in the talks was the exchange rate of the Egyptian Pound against the US dollar.
Egyptian authorities and IMF officials are scheduled to meet again on Saturday
Participants in discussions on economic recovery from global challenges
The fund reduced its forecast for global growth to 2.7% instead of the 2.9% projected in July
Egypt, WBG share development cooperation portfolio of 14 ongoing projects worth $6.8bn, as well as 23 projects with technical support, consultancy
The bank said in a report issued Wednesday, that it lowered its forecast for the value of the loan to between $3bn and $5bn instead of $10bn in a previous forecast.
Agreement gives investors greater confidence in economy, as Egypt needs to follow post-loan IMF prescription to ensure reform continuation, economists tell DNE
Egypt’s economists weigh in on feasibility of IMF’s demands
IMF loan negotiations, Gulf investments, and debt reduction are main axes of recovery, says MP Fakhri Al-Feqi
Over the last ten years, Egypt has been on a long and increasingly productive path. The country has enormous growth potential that could continue to be more socially balanced than in the past.
Fund revises its projection for Middle East and Central Asia’s real GDP to 4.8% in 2022 and 3.5% in 2023
Fouad stresses Egypt’s keenness to achieve balance in all negotiation tracks
Foreign debt is not that high, the main part of the Egyptian debt is in local currency: IMF
The Upgrade is due to strong performance in the first half of the FY: IMF
Celine Allard, IMF mission chief for Egypt said in a statement that the rapidly changing global environment and spillovers related to the war in Ukraine are posing important challenges for countries around the world, including Egypt.
Economic reforms have made us better able to deal with global challenges, says Maait
Fund downgrades global GDP growth forecast to 4.4% in 2022
“I think what is very important for Egypt going forward is structural reforms that will allow Egypt to create jobs,” says Jihad Azour
After contracting by 3.2% in 2020, real GDP in the MENA region is projected to expand by 4.1% in both 2021 and 2022, upward revisions of 0.1 and 0.4 percentage points since April, respectively, the fund projected.