{"id":558763,"date":"2021-08-25T03:57:17","date_gmt":"2021-08-25T03:57:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/egypt-gets-almost-usd-2-8-bn-of-imfs-record-sdr-allocation\/"},"modified":"2021-08-25T03:57:17","modified_gmt":"2021-08-25T03:57:17","slug":"egypt-gets-almost-usd-2-8-bn-of-imfs-record-sdr-allocation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/egypt-gets-almost-usd-2-8-bn-of-imfs-record-sdr-allocation\/","title":{"rendered":"Egypt gets almost USD 2.8 bn of IMF\u2019s record SDR allocation"},"content":{"rendered":"

<\/a> Egypt will receive a foreign currency boost equivalent to c. USD 2.8 bn through the IMF\u2019s <\/strong>new SDR allocation, which came into effect on 23 August:<\/strong> The International Monetary Fund (IMF) announced the disbursal of almost USD 650 bn<\/a> in new special drawing rights (SDRs) \u2014 the largest allocation in its history \u2014 to all 190 member countries, in a \u201csignificant shot in the arm\u201d to emerging and low-income nations to support the global recovery from the pandemic, Managing Director Kristalina Georgieva said in a press release<\/a>.<\/p>\n

The latest allocation brings the total value of SDRs Egypt had received so far from the <\/strong>IMF to some USD 4 bn.<\/strong> The country had received as much as USD 1.1 bn in SDRs \u2014 allocated in proportion to members\u2019 existing quotas in the fund, with Egypt\u2019s amounting to 0.43% \u2014 in August 2009<\/a> as part of a general allocation of USD 250 bn geared towards providing liquidity to the global economic system. The IMF\u2019s latest largest-ever distribution of monetary reserves \u2014 which Barclays had previously said would particularly benefit Egypt<\/a> \u2014 will provide additional liquidity for global economies, supplement their FX reserves, and reduce their reliance on more expensive domestic or external debt, Georgieva said.<\/p>\n

The IMF thinks our economy has been \u201cresilient\u201d in the face of the pandemic: <\/strong>\u201cThe Egyptian economy has performed better than expected despite the pandemic. Containment measures, supported by the authorities\u2019 effective crisis management, and strong implementation of their policy program helped mitigate the effects of the crisis,\u201d the IMF wrote in its review of the IMF\u2019s USD 5.2 bn standby loan in November 2020<\/a>. The fund had bumped up its outlook<\/a> for Egypt\u2019s growth to 2.8% from 2% following the completion of its first review of the program in January. Fiscal policy for the upcoming fiscal year \u201cappropriately targets a gradual consolidation to balance needed support for the economic recovery while safeguarding fiscal sustainability.\u201d<\/p>\n

\u201cWhat are SDRs?\u201d we hear you ask. <\/strong>SDRs<\/a> act as a kind of international reserve currency or asset designed to act as a supplement to IMF member countries\u2019 reserves. They were created in 1969 to create an alternative to gold and USD as the only two global reserve assets. While not currencies in themselves, SDRs are held by the fund\u2019s member countries as a way to hedge against their reliance on costly debt to build up stocks of foreign reserves.<\/p>\n

O<\/strong>kay, but if an SDR isn\u2019t a currency itself, how do we \u201cspend\u201d it? <\/strong>Think of it as taking pressure off the \u201creal\u201d currency in our bank account \u2014 we can use SDRs to pay down debt, for example, leaving USD \/ EUR \/ etc to continue circulating in our economy. As the IMF\u2019s explainer page<\/a> suggests: \u201cCountries can exchange their SDRs for hard currencies with other IMF members. This has historically been done on a voluntary basis, with countries in a stronger financial position agreeing to help others when needed. They can also use their SDRs in a range of operations with other countries or to settle financial obligations to the Fund.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt will receive a foreign currency boost equivalent to c. USD 2.8 bn through the IMF\u2019s new SDR allocation, which came into effect on 23 August: The International Monetary Fund (IMF) announced the disbursal of almost USD 650 bn in new special drawing rights (SDRs) \u2014 the largest allocation in its history \u2014 to all […]<\/p>\n","protected":false},"author":1,"featured_media":558764,"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":[107,104,115,72,2234,272,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-foreign-exchange","tag-imf","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"d9bf1952-3d66-456e-80e5-c656a81dea10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/256.jpg","photo_position":"above","related_issue":[558757],"teaser":"","voice_url":""},"yoast_head":"\nEgypt gets almost USD 2.8 bn of IMF\u2019s record SDR allocation - 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\/2021\/08\/25\/egypt-gets-almost-usd-2-8-bn-of-imfs-record-sdr-allocation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt gets almost USD 2.8 bn of IMF\u2019s record SDR allocation\" \/>\n<meta property=\"og:description\" content=\"Egypt will receive a foreign currency boost equivalent to c. 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