{"id":571020,"date":"2020-04-27T03:38:17","date_gmt":"2020-04-27T03:38:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/"},"modified":"2020-04-27T03:38:17","modified_gmt":"2020-04-27T03:38:17","slug":"egypt-seeks-financial-support-from-the-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/","title":{"rendered":"Egypt seeks financial support from the IMF"},"content":{"rendered":"

<\/a> It\u2019s official: We\u2019re asking the IMF for fresh funding:<\/strong> The government has asked the International Monetary Fund for a one-year rapid financing instrument (RFI<\/a>) and a separate stand-by arrangement (SBA<\/a>) to help the country deal with the economic repercussions of covid-19, Prime Minister Mostafa Madbouly said at a press conference<\/a> yesterday.<\/p>\n

Where the funding will be allocated:<\/strong> The tourism and aviation sectors have borne the brunt of the pandemic fallout, Madbouly said, indicating that a portion of the funding will be earmarked to support these industries through the still-unfolding crisis. Funding will also be made available for other sectors that come under pressure. The prime minister noted the packages will be used to preserve the progress achieved from the country\u2019s economic reform program.<\/p>\n

The RFI will allow the government to address any immediate balance of payments needs<\/strong> and support the most affected sectors and vulnerable groups of people, IMF Managing Director Kristalina Georgieva said in a statement<\/a>. Meanwhile, the SBA will be geared towards supporting the government\u2019s reform policies and allow for continued growth, Georgieva said.<\/p>\n

Georgieva gave Egypt props for its response to covid-19<\/strong>, noting that the Sisi administration has \u201cresponded quickly and decisively with measures to limit its spread and provide support to affected people and businesses. The Central Bank of Egypt has also implemented timely measures to support the domestic economy.\u201d<\/p>\n

How much are we looking at?<\/strong> Madbouly remained tight-lipped on how much the government is seeking. Pharos\u2019 Head of Research Radwa Elswaify thinks we\u2019re looking at a package to the tune of USD 3-4 bn, which she sees would be sufficient to help plug the budget deficit and restructure government loans without weighing on FX reserves. EFG Hermes\u2019 Mohamed Abu Basha expects a slightly lower USD 2.8 bn, according to the local press<\/a>.<\/p>\n

Egypt is looking to secure a five-year repayment term and low interest rates on the <\/strong>funding<\/strong>, CBE Deputy Governor Rami Aboul Naga said, according to Al Shourouk<\/a>. The RFI will most likely be disbursed in one go, while the SBA could be disbursed over three tranches, Aboul Naga said.<\/p>\n

When can we expect to cross the t\u2019s and dot the i\u2019s?<\/strong> The IMF\u2019s executive board should review Egypt\u2019s request in a matter of weeks, Georgiva said. Talks on the packages are already in \u201cadvanced stages,\u201d Madbouly said. The lender was already in \u201cdirect contact\u201d with the government over a potential lifeline, Middle East and Central Asia Director Jihad Azour said earlier this month<\/a>.<\/p>\n

What cabinet had to say:<\/strong> International Cooperation Minister Rania Al Mashat noted that seeking financing from a multilateral lender like the IMF is the most cost-effective option on the table. The country\u2019s fiscal and economic performance were solid prior to the outbreak, but revenues have since taken a blow from shutdowns and exceptional circumstances, said Finance Minister Mohamed Maait and Planning Minister Hala El Said. El Said reaffirmed the government's revised target GDP<\/a> growth for the current fiscal year at 4.2% down from 5.1%, assuming the worst will be over by June.<\/p>\n

The story is leading the conversation on Egypt in the foreign press this morning<\/strong>, with Reuters<\/a>, Bloomberg<\/a>, the Associated Press<\/a> and the National<\/a>all taking note.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s official: We\u2019re asking the IMF for fresh funding: The government has asked the International Monetary Fund for a one-year rapid financing instrument (RFI) and a separate stand-by arrangement (SBA) to help the country deal with the economic repercussions of covid-19, Prime Minister Mostafa Madbouly said at a press conference yesterday. Where the funding will […]<\/p>\n","protected":false},"author":1,"featured_media":571021,"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":[8572],"tags":[271,107,7106,84,72,9728,10330,4988,527,4989,9294,2380,4990,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-covid-19","tag-debt","tag-efg-hermes","tag-enterpriseam","tag-finance-minister","tag-fri","tag-multilaterals","tag-pandemic","tag-rfi","tag-sba","tag-speed-round","tag-stand-by-agreement","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"8321e1c8-48bf-428a-9d60-5ccb9c91d648","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/225.jpg","photo_position":"above","related_issue":[571015],"teaser":"","voice_url":""},"yoast_head":"\nEgypt seeks financial support from the 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\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt seeks financial support from the IMF\" \/>\n<meta property=\"og:description\" content=\"It\u2019s official: We\u2019re asking the IMF for fresh funding: The government has asked the International Monetary Fund for a one-year rapid financing instrument (RFI) and a separate stand-by arrangement (SBA) to help the country deal with the economic repercussions of covid-19, Prime Minister Mostafa Madbouly said at a press conference yesterday. Where the funding will […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-27T03:38:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/225.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt seeks financial support from the IMF\",\"datePublished\":\"2020-04-27T03:38:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\"},\"wordCount\":542,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/225.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"covid-19\",\"debt\",\"EFG Hermes\",\"EnterpriseAM\",\"Finance Minister\",\"FRI\",\"Multilaterals\",\"pandemic\",\"RFI\",\"SBA\",\"SPEED ROUND\",\"Stand by agreement\",\"World Bank\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\",\"name\":\"Egypt seeks financial support from the IMF - 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Fund\u2019s executive board signed off yesterday on the USD 2.77 bn rapid financing instrument (RFI) the Madbouly government asked for last month to help support its balance of payments as Egypt grapples with fallout from covid-19. \u201cThe\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\/5\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571281,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/first-tranche-of-fresh-imf-funding-to-land-on-monday-report\/","url_meta":{"origin":571020,"position":1},"title":"First tranche of fresh IMF funding to land on Monday -report","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"First tranche of fresh IMF funding to land on Monday -report: The government will receive USD 2.7 bn from the International Monetary Fund (IMF) next Monday as a first tranche of funding to help it withstand the global economic shock caused by the covid-19 pandemic, Masrawy reports, citing an unnamed\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\/5\/47.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":571020,"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. The IMF disbursed the funding last month, a day after it was approved. The RFI will help\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":571315,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/07\/imf-expected-to-approve-usd-2-7-bn-in-fresh-funding-for-egypt-on-monday\/","url_meta":{"origin":571020,"position":3},"title":"IMF expected to approve USD 2.7 bn in fresh funding for Egypt on Monday","author":"enterpriseam admin","date":"7 May 2020","format":false,"excerpt":"The IMF is expected to approve USD 2.7 bn in new funding for Egypt when it meets on Monday, Bloomberg reports, citing an official familiar with the matter. Egypt applied last month for new funding via a one-year rapid financing instrument (RFI) and a stand-by arrangement (SBA) to help support\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\/5\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571948,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/imf-gives-initial-nod-to-usd-5-2-bn-in-fresh-funding-to-egypt\/","url_meta":{"origin":571020,"position":4},"title":"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"IMF gives initial nod to USD 5.2 bn in fresh funding to Egypt: The IMF reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn stand-by arrangement (SBA) to help the country withstand the economic fallout from the covid-19 pandemic, according to a statement on Friday. 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\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571518,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/egypt-wants-usd-9-bn-in-funding-from-imf-other-intl-lenders\/","url_meta":{"origin":571020,"position":5},"title":"Egypt wants USD 9 bn in funding from IMF + other int\u2019l lenders","author":"enterpriseam admin","date":"14 May 2020","format":false,"excerpt":"Egypt is lining up another USD 9 bn from int\u2019l lenders to plug budget deficit, shore up reserves: The Madbouly government is in talks with international lenders for an additional USD 9 bn to help it plug its budget deficit as it spends bns to fight covid-19, Bloomberg reports, citing\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\/5\/154.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\/571020","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=571020"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571020\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571021"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571020"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571020"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}