{"id":571434,"date":"2020-05-12T04:02:56","date_gmt":"2020-05-12T04:02:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/"},"modified":"2020-05-12T04:02:56","modified_gmt":"2020-05-12T04:02:56","slug":"imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/","title":{"rendered":"IMF greenlights USD 2.8 bn in pandemic aid to Egypt"},"content":{"rendered":"

<\/a> IMF greenlights USD 2.8 bn in pandemic aid to Egypt: <\/strong>The International Monetary Fund\u2019s executive board signed off yesterday on the USD 2.77 bn rapid financing instrument (RFI<\/a>) the Madbouly government asked for last month<\/a> to help support its balance of payments as Egypt grapples with fallout from covid-19. \u201cThe RFI will help alleviate some of the most pressing financing needs, including for spending on health, social protection, and supporting the most impacted sectors and vulnerable groups,\u201d the fund said in a statement<\/a>.<\/p>\n

Negotiations for separate standby arrangement (<\/strong>SBA<\/a><\/strong>) worth as much as USD 5 bn <\/strong>should begin today<\/strong>, Vice Minister of Finance Ahmed Kouchouk told late-night maven Lamees El Hadidi last night (watch, runtime: 14:30<\/a>). Kouchouk expects Egypt to take receipt of the RFI in the coming days.<\/p>\n

The IMF is signaling that Cairo may be looking for \u201cadditional expeditious support from <\/strong>multilateral and bilateral creditors<\/strong>\u201d in a bid to \u201cclose the remaining balance of payments gap, ease the adjustment burden, and preserve Egypt\u2019s hard-won macroeconomic stability.\u201d<\/p>\n

The IMF funding will shore up Egypt\u2019s foreign currency reserves<\/strong> and \u201cprovide financing to the budget for targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic,\u201d the fund\u2019s deputy managing director Geoffrey Okamoto said. Egypt\u2019s foreign reserves fell in both March and April<\/a>as the central bank provided liquidity to support foreign investors exiting Egypt as global markets slumped; facilitated state stockpiling of strategic commodities; and serviced the country\u2019s external debt.<\/p>\n

Egyptian policymakers got top marks from the IMF: <\/strong>\u201cEgypt achieved a remarkable turnaround prior to the COVID-19 shock, carrying out a successful economic reform program,\u201d the fund said. \u201cThe authorities have [also] launched a comprehensive package to contain the economic impact of the COVID-19 shock.\u201d<\/p>\n

Don\u2019t expect a new reform program as a condition of the RFI<\/strong>, which by definition<\/a> doesn\u2019t require borrowers to develop a full-fledged program, as did the USD 12 bn extended fund facility we had signed up for following the float of the EGP.<\/p>\n

Egypt isn\u2019t alone in asking for help: More than 90 countries have already inquired <\/strong>about IMF funding <\/strong>to help them withstand the economic fallout caused by the pandemic, notes the Wall Street Journal<\/a>.<\/p>\n

The story is dominating the conversation on Egypt <\/strong>in the international press. See: Reuters<\/a> | AFP<\/a> | Associated Press<\/a> | Bloomberg<\/a> | the National<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF greenlights USD 2.8 bn in pandemic aid to Egypt: The International Monetary 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 RFI will help alleviate some […]<\/p>\n","protected":false},"author":1,"featured_media":571435,"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":[107,7106,72,655,100,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-debt","tag-enterpriseam","tag-foreign-reserves","tag-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1c23ccc2-49f3-4ec3-8a96-2b792743862c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/115.jpg","photo_position":"above","related_issue":[571429],"teaser":"","voice_url":""},"yoast_head":"\nIMF greenlights USD 2.8 bn in pandemic aid to Egypt - 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\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF greenlights USD 2.8 bn in pandemic aid to Egypt\" \/>\n<meta property=\"og:description\" content=\"IMF greenlights USD 2.8 bn in pandemic aid to Egypt: The International Monetary 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 RFI will help alleviate some […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-12T04:02:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.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\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"IMF greenlights USD 2.8 bn in pandemic aid to Egypt\",\"datePublished\":\"2020-05-12T04:02:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\"},\"wordCount\":397,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.jpg?fit=%2C&ssl=1\",\"keywords\":[\"covid-19\",\"debt\",\"EnterpriseAM\",\"foreign reserves\",\"policy\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\",\"name\":\"IMF greenlights USD 2.8 bn in pandemic aid to Egypt - 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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":571476,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/imfs-usd-2-8-bn-pandemic-aid-lands-in-egypt\/","url_meta":{"origin":571434,"position":1},"title":"IMF\u2019s USD 2.8 bn pandemic aid lands in Egypt","author":"enterpriseam admin","date":"13 May 2020","format":false,"excerpt":"IMF\u2019s USD 2.8 bn pandemic aid lands in Cairo: Egypt took receipt of the IMF\u2019s USD 2.8 bn rapid financing instrument yesterday, only a day after the fund\u2019s executive board gave its approval, state news agency MENA reported, quoting an unnamed central bank official. The facility will support the country\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\/5\/134.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":571434,"position":2},"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":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":571434,"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":571434,"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":571557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/egypts-fresh-imf-support-packages-will-help-boost-investor-confidence-portfolio-inflows-fitch\/","url_meta":{"origin":571434,"position":5},"title":"Egypt\u2019s fresh IMF support packages will help boost investor confidence, portfolio inflows -Fitch","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Fresh funding from the IMF will help boost investor confidence in Egypt as portfolio outflows from emerging markets begin to reverse, Fitch Ratings said on Thursday. The government received last week a USD 2.8 bn rapid financing instrument (RFI) and is looking for as much as USD 5.5 bn under\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\/170.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\/571434","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=571434"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571434\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571435"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571434"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571434"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}