{"id":564559,"date":"2021-02-14T13:49:03","date_gmt":"2021-02-14T13:49:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/"},"modified":"2021-02-14T13:49:03","modified_gmt":"2021-02-14T13:49:03","slug":"egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/","title":{"rendered":"Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt weathered the worst of the pandemic <\/strong>as the only MENA country to see economic output contract last year, but authorities need to push on with \u201cdeep\u201d structural reforms to keep the momentum going in the long run, the Institute of International Finance said in a report cited by <a href=\"https:\/\/gulfnews.com\/business\/egypt-avoids-recession-despite-covid-impact-on-the-economy-1.77187510\">Gulf News<\/a>. The economy managed to avoid a textbook recession, which is defined as two consecutive quarters of below zero growth, thanks to \u201ctimely and effective public health response, deployment of a comprehensive set of fiscal and monetary measures, and adequate funding from the International Monetary Fund,\u201d the IIF\u2019s MENA chief economist, Garbis Iradian, said.<\/p>\n<p><strong>Sound smart: Should I trust the IIF?<\/strong> They have a good track record of commentary on macro issues, but keep in mind that they are a lobby group for the global finance industry with nearly 450 members across 70 countries. Members include central banks, brokerages, banks, stock exchanges and asset managers<\/p>\n<p><strong>Are any Egyptian institutions members? <\/strong>Yep. Look no further than the Central Bank of Egypt, CIB, NBE, AAIB, Banque Misr, Arab International Bank, Housing and Development Bank and QNB AlAhli. Cairo-headquartered Afreximbank is also a member.<\/p>\n<p><strong>IIF expects Egypt\u2019s economy to grow 2.3% in the state\u2019s current FY2020-2021<\/strong> after having recorded 3.6% in the previous fiscal year. Those figures are more or less in line with most other forecasts \u2014 including by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed187a28-0e0c-4ac9-8f2b-4822bfa5c4e1\">economists<\/a>, the government (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f51fda6-90fd-4d82-83c1-05f59a067630\">pessimistic range<\/a>), and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0f0225e-15bb-41ec-b441-e7f0beb52b47\">the IMF<\/a>. Growth could bounce back to pre-pandemic levels in FY2021-2022, EFG Hermes said in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c737cfe-2547-4339-a414-6adc23aa3fcc\">a recent report<\/a>.<\/p>\n<p><strong>Where we got brownie points: <\/strong>The USD 2.8 bn rapid financing instrument and USD 5.2 bn stand-by facility the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">agreed with the IMF<\/a> earlier during the pandemic, as well as a raft of medical, fiscal, and monetary measures that were introduced early on and in quick succession from March. The IIF is also \u201cencouraged by the progress made in digital transformation, which could also improve competitiveness and raise the productivity of labor and capital. The pandemic has accelerated demand for e-commerce,\u201d Iradian said.<\/p>\n<p><strong>Some structural challenges remain untackled:<\/strong> State and military involvement in the economy, regulatory hitches, a lack of competition, and weak governance and institutions could all use some work, says IIF.<\/p>\n<p><strong>What\u2019s the best way forward? <\/strong>Empower the private sector, including by reforming public procurement and getting more done through the private sector.<\/p>\n<p><strong>There are risks Egypt needs to be mindful of: <\/strong>The growth outlook is still exceptionally uncertain as it depends heavily on how the pandemic plays out and how successful the vaccine rollout is both in Egypt and elsewhere, the IIF warns. It\u2019s still unclear if the new covid variants will lead to a strong resurgence in cases worldwide, it added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt weathered the worst of the pandemic as the only MENA country to see economic output contract last year, but authorities need to push on with \u201cdeep\u201d structural reforms to keep the momentum going in the long run, the Institute of International Finance said in a report cited by Gulf News. The economy managed to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":564560,"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":[10077],"tags":[107,104,633,3075,4174],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-macro","tag-covid-19","tag-economy","tag-enterprisepm","tag-institute-of-international-finance","tag-speed-round-macro","wpautop","entry"],"acf":{"mongo_id":"9d27de3a-a0bd-44b8-9be8-cd0c5e11a383","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/446.jpg","photo_position":"above","related_issue":[564555],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF - 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\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF\" \/>\n<meta property=\"og:description\" content=\"Egypt weathered the worst of the pandemic as the only MENA country to see economic output contract last year, but authorities need to push on with \u201cdeep\u201d structural reforms to keep the momentum going in the long run, the Institute of International Finance said in a report cited by Gulf News. The economy managed to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-14T13:49:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/446.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF\",\"datePublished\":\"2021-02-14T13:49:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\"},\"wordCount\":461,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/446.jpg?fit=%2C&ssl=1\",\"keywords\":[\"covid-19\",\"economy\",\"EnterprisePM\",\"Institute of International Finance\",\"SPEED ROUND: MACRO\"],\"articleSection\":[\"SPEED ROUND: MACRO\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/\",\"name\":\"Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF - 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This growth will largely be\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/10\/428.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621395,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/07\/iif-sees-egypt-growth-falling-to-4-in-2022-unless-policymakers-go-for-deeper-structural-reforms\/","url_meta":{"origin":564559,"position":2},"title":"IIF sees Egypt growth falling to 4% in 2022 unless policymakers go for deeper structural reforms","author":"enterpriseam admin","date":"7 November 2018","format":false,"excerpt":"IIF sees Egypt growth falling to 4% in 2022 unless policymakers go for deeper structural reforms: The Institute of International Finance (IIF) sees growth in Egypt falling to 4% in 2022 from an estimated 5% in the state\u2019s current fiscal year \u201cdue to structural bottlenecks and a less favorable global\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":569800,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/global-growth-could-fall-to-1-this-year-iif\/","url_meta":{"origin":564559,"position":3},"title":"Global growth could fall to 1% this year -IIF","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Global growth could fall to 1% this year -IIF: Global economic growth could fall to just 1% this year due to the impact of the covid-19 outbreak on the services and manufacturing sectors, the International Institute of Finance (IIF) has said. In a report published on Thursday, the financial association\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624805,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/19\/egypt-is-susceptible-to-em-crisis-contagion-says-iif\/","url_meta":{"origin":564559,"position":4},"title":"Egypt is susceptible to EM crisis contagion, says IIF","author":"enterpriseam admin","date":"19 September 2018","format":false,"excerpt":"**#2 Egypt is among three net-importers in the Mideast that are susceptible to EM crisis contagion, says IIF: Egypt, Tunisia and Lebanon are the three Middle East countries most at risk of contagion from the unfolding emerging markets selloff, according to a report from the Institute of International Finance (IIF)\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/9\/1567.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596214,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/egyptian-economy-resilient-but-further-reform-needed-to-sustain-growth-iif\/","url_meta":{"origin":564559,"position":5},"title":"Egyptian economy resilient, but further reform needed to sustain growth- IIF","author":"enterpriseam admin","date":"21 August 2019","format":false,"excerpt":"The Egyptian economy has proven resilient, but further reform is needed to sustain growth- IIF: Egypt is in a strong and \u201cresilient\u201d position three years after the start of the IMF-backed reform program, but there are still structural challenges to overcome to sustain economic growth, the Institute of International Finance\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/622.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564559","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=564559"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564559\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564560"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564559"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564559"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}