{"id":563371,"date":"2021-06-29T04:00:13","date_gmt":"2021-06-29T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/"},"modified":"2021-06-29T04:00:13","modified_gmt":"2021-06-29T04:00:13","slug":"egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/","title":{"rendered":"Egypt won\u2019t need to tap lenders for the time being, says IMF"},"content":{"rendered":"

<\/a> Egypt does not need additional external financing at the moment<\/strong> 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<\/a> reports. Egypt, which completed a three-year, USD 12 bn IMF program in 2019, again tapped the Fund last year as covid-19 hit. The government borrowed another USD 8 bn from the lender to shore up its finances and protect its economy from the economic shock caused by the pandemic. The sum included a USD 5.2 bn standby facility and a USD 2.8 bn \u201crapid financing instrument\u201d<\/a> to total USD 8 bn.<\/p>\n

The USD 5.2 bn standby loan program is now over:<\/strong> The presser was held to answer questions on the disbursal of the USD 1.6 bn third and final tranche of the one-year package, which was approved by the IMF\u2019s executive board<\/a> last week. Approved in June 2020<\/a>, the standby loan program has supported Egypt\u2019s balance of payments through the worst of the pandemic and paid for vital health and social programs.<\/p>\n

An exact date for disbursal remains unclear<\/strong>, but Finance Minister Mohamed Maait said on Wednesday<\/a> that Egypt would not wait longer than a week to receive it.<\/p>\n

The main challenges going forward:<\/strong> Egypt\u2019s slow vaccine rollout and its potential impact on the recovery of the tourism sector, and the country\u2019s high levels of public debt will present the biggest challenges to the government going forward, Allard said<\/a>. Almost six months into the vaccination campaign, only 7% of eligible people<\/a> have received one shot of a covid jab, something that will likely hold the tourism sector back from mounting a full recovery.<\/p>\n

Egypt doesn\u2019t think the tourism recovery is in jeopardy:<\/strong> Tourism revenues are now expected to come in somewhere between USD 6 bn and USD 9 bn in 2021<\/a>, thanks to rising bookings from Eastern Europe and the Gulf, Tourism Minister Khaled El Anany said earlier this month. The announcement was an upwards revision of Egypt\u2019s tourism revenue targets for 2021, which El Enany had last month put at USD 8 bn<\/a>. Recovering arrivals are setting us on track to welcome a little over 6 mn visitors by the end of the year.<\/p>\n

Next on the reform agenda?<\/strong> Allard said that the government now has to focus on further structural reforms to increase the role of the private sector in the economy \u2014 and work on reducing trade barriers to better integrate Egyptian companies into global markets. The government in April announced it would undertake a new round of structural reforms<\/a>, one that it says will liberalize trade policy, upgrade infrastructure and improve market competition to raise exports and boost the private sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the Fund last year as […]<\/p>\n","protected":false},"author":1,"featured_media":563372,"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":[107,7106,104,72,348,272,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-debt","tag-economy","tag-enterpriseam","tag-gdp","tag-imf","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"69ec747c-bf7c-4f54-9a9b-5e8a99e1d25e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/361.jpg","photo_position":"above","related_issue":[563365],"teaser":"","voice_url":""},"yoast_head":"\nEgypt won\u2019t need to tap lenders for the time being, says IMF - 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\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt won\u2019t need to tap lenders for the time being, says IMF\" \/>\n<meta property=\"og:description\" content=\"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. 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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":562169,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/its-report-card-season\/","url_meta":{"origin":563371,"position":1},"title":"It\u2019s report card season","author":"enterpriseam admin","date":"10 May 2021","format":false,"excerpt":"The IMF is expected to wrap its second and final review of its year-long USD 5.2bn standby loan program by the end of June, Finance Minister Mohamed Maait told Bloomberg Asharq. A positive review would unlock the final USD 1.6 bn tranche; Egypt received an initial USD 2 bn in\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\/5\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572145,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/house-committee-approves-usd-2-8-bn-covid-19-imf-funding\/","url_meta":{"origin":563371,"position":2},"title":"House committee approves USD 2.8 bn covid-19 IMF funding","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves USD 2.8 bn covid-19 IMF funding: The House Economic Committee approved Egypt\u2019s agreement with the IMF for a USD 2.77 bn rapid financing instrument (RFI) on Thursday, Masrawyreports. 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The approval allows for the immediate disbursal of USD 2 bn, with 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\/2020\/6\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562487,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan\/","url_meta":{"origin":563371,"position":4},"title":"IMF gives initial approval for final tranche of USD 5.2 bn standby loan","author":"enterpriseam admin","date":"26 May 2021","format":false,"excerpt":"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\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\/5\/229.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563839,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/fdi-to-grow-in-egypt-over-coming-four-years-imf\/","url_meta":{"origin":563371,"position":5},"title":"FDI to grow in Egypt over coming four years - IMF","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"The IMF sees FDI in Egypt climbing in each of the next four years. Egypt could see foreign direct investment jump as much as 60% this fiscal year compared to last year, the International Monetary Fund said in a report (pdf) released following its second review of Egypt\u2019s USD 5.2\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\/7\/248.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\/563371","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=563371"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563371\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563372"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563371"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563371"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}