{"id":544835,"date":"2022-03-23T04:00:33","date_gmt":"2022-03-23T04:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/more-chatter-that-we-are-indeed-going-to-talk-to-the-imf-about-a-new-program\/"},"modified":"2022-03-23T04:00:33","modified_gmt":"2022-03-23T04:00:33","slug":"more-chatter-that-we-are-indeed-going-to-talk-to-the-imf-about-a-new-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/more-chatter-that-we-are-indeed-going-to-talk-to-the-imf-about-a-new-program\/","title":{"rendered":"More chatter that we are, indeed, going to talk to the IMF about a new program"},"content":{"rendered":"

<\/a> More analysts are speculating that the<\/strong>fiscal stimulus package<\/a><\/strong> and <\/strong>monetary policy measures<\/a><\/strong> announced Monday will pave the way for a fresh IMF program<\/strong> as the ongoing commodity price shock puts strain on the economy. Since the start of the war in Ukraine, sporadic reports that the government is in discussions with the Fund have surfaced in the press, but the central bank\u2019s decision to devalue the EGP and raise interest rates this week has intensified speculation that the government will soon agree terms for another round of financial assistance.<\/p>\n

Many analysts \u2060\u2014 including at Goldman Sachs, Moody\u2019s and Capital Economics \u2060\u2014 all floated the possibility of a program<\/strong> yesterday <\/strong>after the CBE allowed the EGP to fall 16% and hiked interest rates by 100 bps. If those two moves are not preconditions to landing support from the Fund, they certainly show maturity in policymaking that will make the talks go smoother.<\/p>\n

JPMorgan joins the chorus: <\/strong>\u201cThis would be in line with what is needed ... to potentially reach yet another IMF program, especially as it would be under exceptional access to IMF resources,\u201d JPMorgan said in a note picked up by Reuters<\/a>.<\/p>\n

Exceptional access means more scrutiny:<\/strong> Egypt has exceeded its IMF borrowing quota, meaning any financial assistance will be lent under exceptional access criteria, a person with knowledge of discussions with the IMF told the newswire. This will mean that Egypt will face greater scrutiny from the Fund, they said.<\/p>\n

And RenCap: <\/strong>\u201cWe agree with consensus that this is a move that the IMF will welcome and could pave the way for some additional support from the Fund within the next month or two,\u201d Charles Robertson, chief economist at Renaissance Capital, wrote in a note yesterday. \u201cI suspect Saudi and other Gulf states will help out too,\u201d he added.<\/p>\n

An IMF loan is of \u201cparamount importance\u201d if Egypt is to maintain access to international debt markets<\/strong>, Hootan Yazhari, head of MENA and global frontier markets equity research at Bank of America Securities, told Bloomberg Daybreak yesterday (watch, runtime: 6:05<\/a>). Egypt has become increasingly reliant on capital inflows for funding in recent years, and an agreement with the IMF now would \u201cgo a long way to giving some comfort to international investors\u201d and increasing inflows, he said.<\/p>\n

So far, there aren\u2019t any official confirmations that we\u2019re in talks of the fund:<\/strong> IMF<\/a> and Egyptian government<\/a> officials have in recent weeks played down the possibility of fresh aid, but an unconfirmed report in Bloomberg<\/a> last week suggested that the two sides were in talks over either a precautionary and liquidity line or a non-financial support package.<\/p>\n

Egypt has turned to the Fund three times in the past six years:<\/strong> It took out a USD 12 bn Extended Fund Facility<\/a> in 2016 that was tied to a package of economic reforms, among them was the floatation of the EGP. In 2020, it borrowed USD 5.2 bn under a Stand-by Arrangement<\/a> and USD 2.8 bn under a Rapid Financing Instrument<\/a> following the outbreak of covid.<\/p>\n","protected":false},"excerpt":{"rendered":"

More analysts are speculating that thefiscal stimulus package and monetary policy measures announced Monday will pave the way for a fresh IMF program as the ongoing commodity price shock puts strain on the economy. Since the start of the war in Ukraine, sporadic reports that the government is in discussions with the Fund have surfaced […]<\/p>\n","protected":false},"author":1,"featured_media":544836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[576,104,72,272,182,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banque-misr","tag-economy","tag-enterpriseam","tag-imf","tag-inflation","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"a0c49a86-2202-4521-9be3-5b7aa433c3e5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/310.jpg","photo_position":"above","related_issue":[544829],"teaser":"","voice_url":""},"yoast_head":"\nMore chatter that we are, indeed, going to talk to the IMF about a new program - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/more-chatter-that-we-are-indeed-going-to-talk-to-the-imf-about-a-new-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More chatter that we are, indeed, going to talk to the IMF about a new program\" \/>\n<meta property=\"og:description\" content=\"More analysts are speculating that thefiscal stimulus package and monetary policy measures announced Monday will pave the way for a fresh IMF program as the ongoing commodity price shock puts strain on the economy. 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Statements from the IMF and cabinet yesterday confirmed that the two sides are in talks on a new program, though it remains unclear what kind of assistance the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":709381,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/11\/the-rationale-behind-madboulys-no-new-imf-program-signal\/","url_meta":{"origin":544835,"position":1},"title":"The rationale behind Madbouly\u2019s no-new-IMF-program signal","author":"enterpriseam admin","date":"11 June 2026","format":false,"excerpt":"Even after the program ends, the Fund will continue conducting periodic economic reviews and providing technical and advisory support","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/6\/718.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544714,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/imf-program-rate-hikes-in-the-cards-as-ukraine-war-pressures-budget-fitch\/","url_meta":{"origin":544835,"position":2},"title":"IMF program + rate hikes in the cards as Ukraine war pressures budget -Fitch","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"Fitch sees new IMF program, rate hike as Ukraine conflict raises pressure on gov\u2019t finances: Lower tourism inflows, higher food prices and tighter financial conditions driven by the war in Ukraine will put pressure on Egypt\u2019s fiscal position, increasing the likelihood of Egypt taking on new funding from the International\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546412,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/an-agreement-with-the-imf-is-coming-within-months\/","url_meta":{"origin":544835,"position":3},"title":"An agreement with the IMF is coming \u201cwithin months\u201d","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"A fresh IMF program could be sealed in a few months: The government expects to reach an agreement with the IMF on a fresh support package \u201cwithin months\u201d, Prime Minister Moustafa Madbouly said yesterday at a presser (watch, runtime:2:07:15).What IMF program? The government has been in talks with the IMF\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593659,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-non-loan-imf-program-still-under-consideration-maait-tells-bloomberg\/","url_meta":{"origin":544835,"position":4},"title":"Egypt\u2019s non-loan IMF program still \u201cunder consideration,\u201d Maait tells Bloomberg","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Non-loan IMF program still under consideration but nothing conclusive yet -Maait: Egypt is still looking at securing a non-loan program with the IMF, but future cooperation with the fund could also continue \u201cunder any form,\u201d Finance Minister Mohamed Maait told Bloomberg TV on Thursday (watch, runtime: 2:47). The minister said\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577029,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/","url_meta":{"origin":544835,"position":5},"title":"Bond investors shrug at IMF rescue package","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"The markets aren\u2019t convinced that the IMF program is a cure for Egypt\u2019s woes: Egyptian bonds have sold off and the cost of insuring the country\u2019s debt has risen in the days since the government agreed a USD 3 bn rescue package with the IMF as investors adopt a wait-and-see\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/111.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544835"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544835\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544836"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544835"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544835"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}