{"id":570495,"date":"2020-04-02T04:26:11","date_gmt":"2020-04-02T04:26:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/"},"modified":"2020-04-02T04:26:11","modified_gmt":"2020-04-02T04:26:11","slug":"emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/","title":{"rendered":"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis"},"content":{"rendered":"

<\/a> Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis:<\/strong> Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the Financial Times reports<\/a>. Developing countries are facing a dire situation, with current levels of foreign reserves nowhere near enough to support them through the crisis. The IMF has estimated their total financial need at a \u201cvery conservative\u201d USD 2.5 tn, and said they would still need at least another USD 700 bn even after exhausting their reserves.<\/p>\n

Egypt and other EMs could struggle to meet their external funding needs,<\/strong> if cross-border travel stops, remittances fall, oil prices stay low and portfolio outflows continue, according to Morgan Stanley. Because of this, the government is keeping all its options open and is considering asking the IMF for new funding if the situation deteriorates further, Finance Minister Mohamed Maait said earlier this week<\/a>.<\/p>\n

Debt relief is desirable, but badly-needed funding will only come about through political will.<\/strong> The IMF and the World Bank have issued calls to suspend debt repayments, but analysts say the bigger question of how to free up funding needs momentum that may not exist while developed countries are preoccupied with handling the covid-19 crisis. The IMF has restored its full USD 1 tn lending capacity, and the UN is pushing for a further USD 1 tn to be made available through special drawing rights (SDRs), and an extra USD 500 bn to be set aside for emergency health services and social relief. But some of these processes are lengthy and cumbersome, and will only happen if these international bodies \u2014 and their wealthiest member states \u2014 begin to prioritize supporting EMs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis: Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the Financial Times reports. Developing countries are facing a dire situation, with current levels […]<\/p>\n","protected":false},"author":1,"featured_media":570496,"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":[9272],"tags":[7106,115,72,272,1510,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-imf","tag-the-macro-picture","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"9d0ed0fc-a156-4953-9408-15d459d93c02","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/16.jpg","photo_position":"above","related_issue":[570480],"teaser":"","voice_url":""},"yoast_head":"\nEmerging markets flock to the IMF for help as covid-19 brings looming economic crisis - 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\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis\" \/>\n<meta property=\"og:description\" content=\"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis: Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the Financial Times reports. 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Governments and central banks in the emerging\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/8\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572976,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/why-we-now-need-to-be-talking-more-about-ems\/","url_meta":{"origin":570495,"position":2},"title":"Why we now need to be talking more about EMs","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"Why we now need to be talking more about EMs: Middle-income economies that stand halfway between the world\u2019s richest and poorest \u201care uniquely vulnerable in the pandemic.\u201d Despite this, those countries have largely been absent from the global narrative about the extraordinary steps needed to shield the global economy from\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/7\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/an-emerging-market-credit-crisis-is-looming-in-spite-of-the-feds-repo-facility\/","url_meta":{"origin":570495,"position":3},"title":"An emerging market credit crisis is looming in spite of the Fed\u2019s repo facility","author":"enterpriseam admin","date":"5 April 2020","format":false,"excerpt":"An emerging market credit crisis is looming as an increasing number of countries are struggling to repay their debts amid the economic fallout from covid-19, the Financial Times reports. The scale of the pandemic has triggered widespread funding pressures despite many countries now having more tools to withstand economic shocks\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/4\/32.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565251,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/just-when-you-thought-the-talk-of-an-emerging-market-debt-crisis-was-over\/","url_meta":{"origin":570495,"position":4},"title":"Just when you thought the talk of an emerging-market debt crisis was over\u2026","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"UN chief urges action to prevent incoming EM debt crisis: The UN secretary-general has warned that growing debt in the emerging world threatens to destabilize developing countries, tipping many into poverty, social unrest and conflict. \u201cThe response to covid and to the financial aspects [of the crisis] has been fragmented,\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/2021\/3\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558763,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/egypt-gets-almost-usd-2-8-bn-of-imfs-record-sdr-allocation\/","url_meta":{"origin":570495,"position":5},"title":"Egypt gets almost USD 2.8 bn of IMF\u2019s record SDR allocation","author":"enterpriseam admin","date":"25 August 2021","format":false,"excerpt":"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\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\/8\/256.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\/570495","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=570495"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570495\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570496"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570495"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570495"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}