{"id":566826,"date":"2021-07-15T13:54:15","date_gmt":"2021-07-15T13:54:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/15\/you-win-some\/"},"modified":"2021-07-15T13:54:15","modified_gmt":"2021-07-15T13:54:15","slug":"you-win-some","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/15\/you-win-some\/","title":{"rendered":"You win some\u2026"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The IMF expects Egypt\u2019s economy to \u201crebound strongly\u201d in FY2021-2022, with GDP <\/strong><strong>coming in at 5.2%<\/strong>, according to <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2021\/07\/14\/na070621-egypt-overcoming-the-covid-shock-and-maintaining-growth\">a statement<\/a> last night in which the institution praised Egypt\u2019s covid-19 policies (and gave itself a pat on the back for the assist). \u201cAs a result of the government\u2019s swift and prudent policy response, coupled with IMF support, the Egyptian economy showed resilience in the face of the pandemic,\u201d the statement notes.<\/p>\n<p><strong>What the IMF likes:<\/strong> \u201cOver the past 12 months, the authorities\u2019 commitment to prudent policies and their strong performance under the IMF program have helped mitigate the health and social impact of the pandemic while safeguarding economic stability, debt sustainability, and investor confidence,\u201d the statement reads.<\/p>\n<p><strong>What were these prudent policies?<\/strong><\/p>\n<ul>\n<li>The economic reform program provided us with a good buffer to withstand the shock of covid; <\/li>\n<li>Fiscal support included relief for businesses and workers in the hardest-hit sectors, including tourism and manufacturing;<\/li>\n<li>The postponement of tax payments and the expansion of cash transfer programs to poor households and irregular workers;<\/li>\n<li>The central bank cut interest rates by 400 bps in 2020;<\/li>\n<li>The CBE increased access to credit at preferential interest rates and imposed a six-month break on payments for borrowers.<\/li>\n<\/ul>\n<p><strong>A warning:<\/strong> \u201cBut the outlook is still clouded by uncertainty related to the pandemic, including regarding the full recovery of tourism,\u201d the statement notes. The IMF also pointed to \u201cEgypt\u2019s high public debt and large gross financing needs,\u201d saying that this will leave it vulnerable to external shocks, such as higher costs of borrowing at the global level as developed economies gradually withdraw their economic stimulus.<\/p>\n<p><strong>Recommendations: <\/strong>It called on policymakers to make reducing public debt a priority and institute policies that will further drive private sector growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF expects Egypt\u2019s economy to \u201crebound strongly\u201d in FY2021-2022, with GDP coming in at 5.2%, according to a statement last night in which the institution praised Egypt\u2019s covid-19 policies (and gave itself a pat on the back for the assist). \u201cAs a result of the government\u2019s swift and prudent policy response, coupled with IMF [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[10034],"tags":[104,633,1318,348,272,724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566826","post","type-post","status-publish","format-standard","hentry","category-speed-round-economy","tag-economy","tag-enterprisepm","tag-fiscal-policy","tag-gdp","tag-imf","tag-monetary-policy","wpautop","entry"],"acf":{"mongo_id":"c6f1795a-144d-4c82-abf9-3c1ab3c7ea31","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566822],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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An IMF delegation was (virtually) in townover the past two weeks for the second review of\u2026","rel":"","context":"In &quot;Economy&quot;","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":634800,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/24\/imf-releases-report-on-second-review-of-economic-reform-program\/","url_meta":{"origin":566826,"position":1},"title":"IMF releases report on second review of economic reform program","author":"enterpriseam admin","date":"24 January 2018","format":false,"excerpt":"The IMF released its report on the second review of the economic reform program, and as expected, the performance review was stellar across all key indicators. \u201cThis macroeconomic turnaround at home and the supportive global economic environment provide a unique opportunity to carry the reform momentum into areas that have\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":561467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/","url_meta":{"origin":566826,"position":2},"title":"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"IMF upgrades Egypt budget projections in latest outlook: Egypt\u2019s public finances have withstood the test of covid-19 better than previously thought, new projections released by the IMF indicate. 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