{"id":576357,"date":"2020-11-22T04:14:56","date_gmt":"2020-11-22T04:14:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/imf-gives-initial-approval-to-second-tranche-of-usd-5-2-bn-standby-loan\/"},"modified":"2020-11-22T04:14:56","modified_gmt":"2020-11-22T04:14:56","slug":"imf-gives-initial-approval-to-second-tranche-of-usd-5-2-bn-standby-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/imf-gives-initial-approval-to-second-tranche-of-usd-5-2-bn-standby-loan\/","title":{"rendered":"IMF gives initial approval to second tranche of USD 5.2 bn standby loan"},"content":{"rendered":"

<\/a> Egypt is on track to receive the second tranche of its USD 5.2 bn IMF standby loan <\/strong>after it reached a staff-level agreement with the fund following a review of the 12-month program, the IMF said in a statement<\/a>. Some USD 1.6 bn will be paid out should the fund\u2019s executive board give its approval when it meets in the coming weeks, it said. This would take the total disbursements under the program to USD 3.6 bn, with Cairo having received the first USD 2 bn installment<\/a> in the summer alongside a USD 2.8 bn rapid financing instrument<\/a> designed to shore up the country\u2019s balance of payments.<\/p>\n

The standby loan: A refresher.<\/strong> The financing is meant to support Egypt\u2019s economic recovery through covid-19 as key economic sectors such as tourism<\/a> remain deflated by the pandemic\u2019s effect on international travel. The extra cash will continue to help Egypt narrow its budget deficit and boost social spending to protect vulnerable groups, as well as increase spending on health and implement structural reforms.<\/p>\n

When can we expect to receive the money?<\/strong> It\u2019s possible the money will be paid out in December, Finance Minister Mohamed Maait said in an interview on Ala Mas\u2019ouleety last night (watch, runtime: 23:29)<\/a>.<\/p>\n

The economy is beating forecasts:<\/strong> \u201cThe Egyptian economy has performed better than expected despite the pandemic. Containment measures, supported by the authorities\u2019 effective crisis management, and strong implementation of their policy program helped mitigate the effects of the crisis,\u201d IMF Egypt boss Uma Ramakrishnan said. Private sector activity has shown signs of recovery in recent months and conditions in the financial markets have stabilized, she said.<\/p>\n

But we\u2019re not out of the woods yet:<\/strong> A potential resurgence of the virus continues to pose a threat to the economic recovery, while the country\u2019s vital tourism sector remains \u201cat an almost standstill,\u201d she said.<\/p>\n

Reserves, primary balance get us brownie points: <\/strong>The IMF team found that all program targets for end of September had been met, while the primary balance and international reserves had exceeded targets. Foreign reserves have been steadily rebounding since June, rising from USD 36 bn in May<\/a> to USD 39.22 bn in October<\/a> thanks in part to the government\u2019s FX-denominated Eurobond<\/a> and green bond<\/a> issuance earlier this year. Meanwhile, the government achieved a small EGP 100 mn primary surplus<\/a> during 1Q2020-2021. Egypt \u201cremains on track to achieve a primary surplus of 0.5% of GDP,\u201d slightly above the0.4% forecast by the IMF<\/a> in October.<\/p>\n

The IMF also praised the <\/strong>passing of the Customs Act<\/a><\/strong> ahead of schedule. The act is expected to expedite clearance times and imposes harsher penalties for customs evasion.<\/p>\n

What about our low inflation? <\/strong>September\u2019s 3.7% headline inflation rate was lower than the target band of 6-12%, triggering consultations with the IMF\u2019s technical team under the terms of the SBA, the statement said. The IMF staff praised the central bank\u2019s two 50-bps interest rate cuts in September<\/a> and earlier this month<\/a>, which Ramakrishnan described as \u201cappropriately accommodative.\u201d<\/p>\n

The IMF could press for more easing if inflation doesn\u2019t pick up in the months ahead:<\/strong> Inflation in October remained below the target range despite September\u2019s rate cut helping to spark a slight acceleration<\/a> in price growth. Analysts expect inflation to close out the year between 5-6%, which under the terms of the arrangement<\/a> may mean that Egypt has to consult with the fund\u2019s technical team.<\/p>\n

What we need to do to stay in the IMF\u2019s good books:<\/strong> The IMF urged \u201ccontinued strong program implementation, including sustained progress in key structural reforms.\u201d It called for the central bank to maintain flexible exchange rates to help the economy withstand economic shocks, and for the government to stick to its commitment to return to a 2% primary surplus, which it forecasts from FY2022-2023 onwards<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is on track to receive the second tranche of its USD 5.2 bn IMF standby loan after it reached a staff-level agreement with the fund following a review of the 12-month program, the IMF said in a statement. Some USD 1.6 bn will be paid out should the fund\u2019s executive board give its approval […]<\/p>\n","protected":false},"author":1,"featured_media":576358,"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":[271,107,309,7106,72,1666,655,272,182,349,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-covid-19","tag-customs","tag-debt","tag-enterpriseam","tag-exchange-rate","tag-foreign-reserves","tag-imf","tag-inflation","tag-interest-rates","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"21258759-15a5-4f32-bd15-b6710a8f13f6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/222.jpg","photo_position":"above","related_issue":[576352],"teaser":"","voice_url":""},"yoast_head":"\nIMF gives initial approval to second tranche of USD 5.2 bn standby loan - 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\/11\/22\/imf-gives-initial-approval-to-second-tranche-of-usd-5-2-bn-standby-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF gives initial approval to second tranche of USD 5.2 bn standby loan\" \/>\n<meta property=\"og:description\" content=\"Egypt is on track to receive the second tranche of its USD 5.2 bn IMF standby loan after it reached a staff-level agreement with the fund following a review of the 12-month program, the IMF said in a statement. 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The one-year facility is divided into two tranches: USD 1.5 bn offered on conventional terms and a USD\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\/9\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562487,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/imf-gives-initial-approval-for-final-tranche-of-usd-5-2-bn-standby-loan\/","url_meta":{"origin":576357,"position":1},"title":"IMF gives initial approval for final tranche of USD 5.2 bn standby loan","author":"enterpriseam admin","date":"26 May 2021","format":false,"excerpt":"Egypt expects to unlock the third and final USD 1.6 bn tranche of its USD 5.2 bn IMF standby loan after reaching a staff-level agreement with the fund, the IMF said in a statement. An IMF delegation was (virtually) in townover the past two weeks for the second review of\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\/5\/229.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572492,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/28\/imf-gives-final-nod-on-usd-5-2-bn-in-funding-to-egypt\/","url_meta":{"origin":576357,"position":2},"title":"IMF gives final nod on USD 5.2 bn in funding to Egypt","author":"enterpriseam admin","date":"28 June 2020","format":false,"excerpt":"The IMF has approved a one-year USD 5.2 bn standby loan for Egypt, helping the country plug a balance of payments shortfall and finance its budget deficit, the fund\u2019s executive board said in a statement on Friday. The approval allows for the immediate disbursal of USD 2 bn, with 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\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/","url_meta":{"origin":576357,"position":3},"title":"Egypt won\u2019t need to tap lenders for the time being, says IMF","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Egypt does not need additional external financing at the moment thanks to structural policy and fiscal reforms that have course-corrected the economy, IMF mission chief Celine Allard said yesterday during a virtual press conference, Masrawy reports. Egypt, which completed a three-year, USD 12 bn IMF program in 2019, again tapped\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\/6\/361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598213,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":576357,"position":4},"title":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572265,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/egypt-hires-uae-banks-to-arrange-usd-1-bn-loan\/","url_meta":{"origin":576357,"position":5},"title":"Egypt hires UAE banks to arrange USD 1 bn loan","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"DEBT WATCH- Egypt hires UAE banks to arrange USD 1 bn loan: Egypt has tapped Emirates NBD and First Abu Dhabi Bank (FAB) to arrange a loan worth more than USD 1 bn as it tries to plug its financing gap caused by the covid-19 pandemic, Reuters reports, citing two\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576357","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=576357"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576357\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576358"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576357"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576357"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}