{"id":562487,"date":"2021-05-26T04:01:03","date_gmt":"2021-05-26T04:01:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan\/"},"modified":"2021-05-26T04:01:03","modified_gmt":"2021-05-26T04:01:03","slug":"imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan\/","title":{"rendered":"IMF gives initial approval for final tranche of USD 5.2 bn standby loan"},"content":{"rendered":"

<\/a> Egypt expects to unlock the third and final USD 1.6 bn tranche of its USD 5.2 <\/strong>bn IMF standby loan<\/strong> after reaching a staff-level agreement with the fund, the IMF said in a statement<\/a>. An IMF delegation was (virtually) in town<\/a>over the past two weeks for the second review of the 12-month program and its annual Article IV consultations, which the IMF usually holds with its member states once a year as a way to keep track of local economies. The disbursal of the third tranche is contingent on the approval of the IMF\u2019s executive board, which is expected within the next few weeks, according to the statement. Reuters<\/a> also has the story.<\/p>\n

Refresher on the facility:<\/strong> The IMF had signed off last June<\/a> on the one-year package to support Egypt\u2019s economic recovery through covid-19, as key economic sectors \u2014 including the vital tourism industry \u2014 were negatively impacted by the pandemic. The funding was also made available to support healthcare, shore up the country\u2019s social safety net, advance structural reforms, boost private sector growth and job creation, and help the government narrow its budget deficit.<\/p>\n

Overall, the review appears to be quite positive, with the fund noting that \u201call structural benchmarks were met\u201d under the agreement.<\/strong> \u201cOver the past 12 months, the authorities\u2019 strong performance and commitment helped achieve the program\u2019s objectives of maintaining macroeconomic stability during the pandemic while protecting necessary social and health spending and implementing key structural reforms,\u201d the statement read.<\/p>\n

The economy showed \u201cresilience\u201d over the past several months thanks to the government\u2019s \u201cstrong implementation\u201d of its policy program.<\/strong> Egypt\u2019s GDP is expected to close the current fiscal year with 2.8% growth before accelerating to 5.2% in FY2021-2022, the fund says. The fund had bumped up its outlook<\/a> for Egypt\u2019s growth 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 the fund says, giving a nod to the government\u2019s plan to ramp up its investments in priority sectors such as healthcare, education, and infrastructure. The government\u2019s sustainable development plan for FY2021-2022<\/a> outlines healthcare, transport and railway infrastructure, and education as its top priority areas.<\/p>\n

Reserves + the banking sector are still a bright spot:<\/strong> The IMF team found that the primary balance and international reserves have exceeded the program\u2019s targets, which was also the case when it reached a staff level agreement for its first review in November<\/a>. Foreign reserves have been steadily rising since June, coming in at USD 40.3 bn at the end of April<\/a>, bringing us closer to our February 2020 peak of USD 45.5 bn. The fund also gave a nod to the Central Bank of Egypt<\/strong>\u2019s \u201creadiness to act as necessary to support economic recovery amid muted inflation.\u201d The country\u2019s banking system is \u201cliquid, profitable, and well-capitalized,\u201d the fund says.<\/p>\n

There are still covid-19 risks, but we have the right policies in place:<\/strong> Economic performance could be undermined by lingering risks related to the pandemic, resulting in a bit of uncertainty to the outlook. But the fund is optimistic that short-term recovery has appropriate policy support, while the government\u2019s structural reform program \u2014 the second phase of which Prime Minister Moustafa Madbouly and Planning Minister Hala El Said announced last month<\/a> \u2014 will \u201cunleash Egypt\u2019s enormous growth potential in the medium term.\u201d<\/p>\n

Next steps:<\/strong> The fund wants to see \u201cspecific policy measures\u201d to support the targets of our Economic Reform Program 2.0, suggesting that the government outline clear steps to boost private sector involvement in the economy and help encourage exports by removing trade barriers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt expects to unlock the third and final USD 1.6 bn tranche of its USD 5.2 bn IMF standby loan after reaching a staff-level agreement with the fund, the IMF said in a statement. An IMF delegation was (virtually) in townover the past two weeks for the second review of the 12-month program and its […]<\/p>\n","protected":false},"author":1,"featured_media":562488,"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":[2415,104,72,1318,655,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economic-reform-program","tag-economy","tag-enterpriseam","tag-fiscal-policy","tag-foreign-reserves","tag-imf","wpautop","entry"],"acf":{"mongo_id":"5c5ce656-b259-47f0-be59-5599d49b1d56","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/229.jpg","photo_position":"above","related_issue":[562483],"teaser":"","voice_url":""},"yoast_head":"\nIMF gives initial approval for final tranche of USD 5.2 bn standby loan - 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\/05\/26\/imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF gives initial approval for final tranche of USD 5.2 bn standby loan\" \/>\n<meta property=\"og:description\" content=\"Egypt expects to unlock the third and final USD 1.6 bn tranche of its USD 5.2 bn IMF standby loan after reaching a staff-level agreement with the fund, the IMF said in a statement. 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Some USD 1.6 bn will be paid out should the fund\u2019s\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\/2020\/11\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598213,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":562487,"position":1},"title":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/","url_meta":{"origin":562487,"position":2},"title":"Egypt won\u2019t need to tap lenders for the time being, says IMF","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Egypt does not need additional external financing at the moment thanks to structural policy and fiscal reforms that have course-corrected the economy, IMF mission chief Celine Allard said yesterday during a virtual press conference, Masrawy reports. Egypt, which completed a three-year, USD 12 bn IMF program in 2019, again tapped\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\/2021\/6\/361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/egypt-will-be-getting-the-final-tranche-of-the-usd-12-bn-imf-facility-soon\/","url_meta":{"origin":562487,"position":3},"title":"Egypt will be getting the final tranche of the USD 12 bn IMF facility soon","author":"enterpriseam admin","date":"25 July 2019","format":false,"excerpt":"IMF signs off on final USD 2 bn tranche disbursal: The IMF\u2019s Executive Board approved yesterday disbursing the final USD 2 bn tranche of the institution\u2019s USD 12 bn facility to Egypt, after completing its fifth and final review of the country\u2019s economic reform program, the institution said in a\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\/2020\/10\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583947,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/imf-signs-off-on-loan-agreements-for-sri-lanka-ukraine\/","url_meta":{"origin":562487,"position":4},"title":"IMF signs off on loan agreements for Sri Lanka, Ukraine","author":"enterpriseam admin","date":"22 March 2023","format":false,"excerpt":"IMF approves USD 3 bn bailout for Sri Lanka following months of talks","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/imf-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600630,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/the-long-awaited-fifth-tranche-of-egypts-imf-loan-is-on-its-way-finally\/","url_meta":{"origin":562487,"position":5},"title":"The long-awaited fifth tranche of Egypt\u2019s IMF loan is on its way, finally","author":"enterpriseam admin","date":"5 February 2019","format":false,"excerpt":"Egypt will get the fifth tranche of its USD 12 bn IMF facility any day now: The International Monetary Fund\u2019s executive board has signed off on the institution\u2019s fourth review of Egypt\u2019s economic reform program, giving the green light to the disbursal of the fifth USD 2 bn tranche of\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562487","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=562487"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562487\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562488"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562487"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562487"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}