{"id":578142,"date":"2022-12-18T04:00:23","date_gmt":"2022-12-18T04:00:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/"},"modified":"2022-12-18T04:00:23","modified_gmt":"2022-12-18T04:00:23","slug":"we-got-the-imf-package-now-heres-what-we-need-to-do","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","title":{"rendered":"We got the IMF package \u2014 now here\u2019s what we need to do"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The IMF has approved a <\/strong><strong><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/10\/26\/pr22363-egypt-imf-reaches-staff-level-agreement-on-an-extended-fund-facility-arrangement\">USD 3 bn<\/a><\/strong><strong> loan for Egypt<\/strong>, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds. In <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/12\/16\/pr22441-egypt-imf-executive-board-approves-46-month-usd3b-extended-arrangement\">a statement<\/a> Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\">agreed in October<\/a> and that it would immediately disburse USD 347 mn of the loan to \u201chelp meet the balance of payments needs and provide support to the budget.\u201d<\/p>\n<p><strong>We could get up to USD 18 bn in total:<\/strong> The EFF will \u201ccatalyze additional financing of about USD 14 bn from Egypt\u2019s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors,\u201d the statement said. We could also be getting a separate USD 1.3 bn from the IMF\u2019s <a href=\"https:\/\/www.imf.org\/en\/Topics\/Resilience-and-Sustainability-Trust\">resilience and sustainability trust<\/a>, pending further EFF reviews.<\/p>\n<p><strong>That\u2019s double what we were expecting:<\/strong> The IMF said in October that the facility would unlock USD 5 bn in additional funding, but yesterday increased that figure to USD 14 bn. The Fund did not disclose where the additional USD 9 bn will come from.<\/p>\n<p><strong>REMINDER-<\/strong> The staff-level agreement reached in October was announced in tandem with a 200-bps interest rate hike and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">large devaluation of the EGP<\/a>, the second such move of 2022 which has seen the currency fall almost 57% against the USD.<\/p>\n<p><strong>There\u2019s no such thing as money for nothing:<\/strong> In return for the facility, Egypt has agreed to drive home policy and economic reforms designed to strengthen its resilience against external shocks, restore its FX buffers and promote private-sector-led growth.<\/p>\n<p><strong>The laundry list:<\/strong><\/p>\n<ul>\n<li>A \u201cpermanent shift to a flexible exchange rate regime\u201d;<\/li>\n<li>Monetary policy reforms including ending subsidized lending programs;<\/li>\n<li>A combination of \u201cfiscal consolidation and debt management\u201d and increased social spending to protect vulnerable citizens;<\/li>\n<li>\u201cWide-ranging structural reforms\u201d to reduce the state\u2019s role in the economy.<\/li>\n<\/ul>\n<p><strong>A \u201cPERMANENT\u201d FLEXIBLE EXCHANGE RATE?<\/strong><\/p>\n<p><strong>Forget a \u201cdurably\u201d flexible FX rate \u2014 we\u2019re talking permanent now: <\/strong>The IMF emphasized a \u201cpermanent shift\u201d to a flexible exchange rate in its laundry list of requirements for the support package, upping the language from October when it had highlighted the need for a \u201cdurable\u201d FX rate regime. \u201cPermanent\u201d raises the stakes even higher: there can be no repegging further down the line, ever.<\/p>\n<p><strong>The rationale: <\/strong>\u201cA heavily managed exchange rate has not served Egypt well,\u201d the IMF wrote in background on Egypt. \u201cIt has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the EGP relative to other currencies.\u201d Egypt first moved to a floating exchange rate in 2016 but repegged the currency in the wake of the global economic crisis triggered by the covid-19 pandemic in 2020. The central bank allowed the currency to devalue against the USD in March but continued in a managed float up to the end of October when it went ahead with the second devaluation.<\/p>\n<p><strong>The IMF says we\u2019re on the right track<\/strong>: \u201cThe authorities\u2019 recent commitment to a durable shift to a flexible exchange rate regime and to unwind prior policy distortions \u2026 are welcome steps,\u201d IMF chief Kristalina Georgieva said.<\/p>\n<p><strong>Could there be another devaluation? <\/strong>There has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52227eb0-e92b-467c-9665-2f8ec8f8decd\">plenty of chatter<\/a> of another devaluation in recent days on the back of rising USD rates in the parallel and derivatives markets. As of last week, the EGP was changing hands at 32-33 to the USD in these markets, up c.30% from the current official rate.<\/p>\n<p><strong>REDUCING INFLATION + STRENGTHENING MONETARY POLICY-<\/strong><\/p>\n<p><strong>The IMF wants the CBE to end subsidized lending schemes<\/strong> to increase the efficacy of monetary policy. The central bank has in recent years subsidized low-interest loans for key sectors of the economy, programs which reduce the effectiveness of interest rate policy as a tool for controlling the money supply and influencing inflation.<\/p>\n<p><strong>The government has already moved on this front: <\/strong>The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">announced<\/a> last month that the central bank would have to stop providing the funding for subsidized loans and pass the responsibility to ministries.<\/p>\n<p><strong>Soaring inflation makes this all the more important:<\/strong> The currency devaluation and spillover effects from the war in Ukraine pushed inflation to its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">highest level in five years<\/a> in November. Economists now expect inflation to surpass 20% in 2023 which will likely require the central bank to further tighten policy.<\/p>\n<p><strong>PRIVATIZATION + TRANSPARENCY-<\/strong><\/p>\n<p><strong>The IMF\u2019s language on the state has also shifted from October:<\/strong> The Fund now expects authorities to \u201clevel the playing field\u201d between state-owned enterprises and private-sector firms, as well as rolling back state involvement in the economy. In October, it called for a \u201cmore robust competition framework.\u201d<\/p>\n<p><strong>Enter the <\/strong><strong>state ownership policy<\/strong><strong> and privatization program<\/strong>, which the government says will more than double the private sector\u2019s role in the economy to 65% over the next three years, and attract USD 40 bn in private investment by 2026. The government has been working on a state ownership document <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">since May<\/a>, holding consultations with public- and private-sector representatives, and discussing plans during the Egypt Economic Conference in October.<\/p>\n<p><strong>We\u2019re still not sure what the plan is, though:<\/strong> The ownership document is expected to go into effect at the end of this year having been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7263582-f660-4f87-b0b9-4d8f7a113480\">approved<\/a> by the cabinet last month, but no details have been made public by government ministers. In <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0M9qMe4ccENGhr3NXcU3j4nXSiVyvmFHLe6x4GW3h1dyeatwPkUXGjF72JQzhwW6rl\">a statement<\/a> yesterday, the cabinet said the plan included the \u201cspeedy issuance and announcement\u201d of the ownership policy.<\/p>\n<p><strong>Privatization has accelerated this year<\/strong> in response to the economic shock caused by the war in Ukraine: The state has sold upwards of USD 4 bn worth of state-owned shares of companies to Gulf sovereign wealth funds and the Sovereign Fund of Egypt is working on a plan to take to market more than 40 projects worth around EGP 140 bn to regional and international investors.<\/p>\n<p><strong>The government has committed to a number of structural reforms to improve transparency<\/strong> on the government\u2019s involvement in the economy, the Fund said in an adjoining <a href=\"https:\/\/www.imf.org\/en\/Countries\/EGY\/Egypt-qandas\">FAQ<\/a>. State-owned enterprises must submit financial accounts to the Finance Ministry twice a year, and a report on tax breaks, exemptions, and incentives they have received once a year, the lender wrote. It will also need to make public audit reports on its financials, any procurement contracts that exceed EGP 20 mn, payment arrears, and monthly budget outturns.<\/p>\n<p><strong>Our take: <\/strong>It\u2019s great that we\u2019re finally taking the private sector and the potential of its contributions to the economy seriously, but it is not enough for government officials to speak in general terms with CEOs coming in for a quick visit about how open Egypt is to FDI. We need to create an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">independent investment promotion agency<\/a> that speaks the language of global business, as we\u2019ve said in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7#tldr-story-02\">five-step recipe to bring in USD 50 bn worth of FDI per year<\/a> while transforming us into an export powerhouse.<\/p>\n<p><strong>DEBT MANAGEMENT + SPENDING-<\/strong><\/p>\n<p><strong>The facility aims to reduce public debt to less than 80% of GDP in the medium term<\/strong>, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0M9qMe4ccENGhr3NXcU3j4nXSiVyvmFHLe6x4GW3h1dyeatwPkUXGjF72JQzhwW6rl\">cabinet<\/a> said yesterday. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">had been planning<\/a> to reduce the debt-to-GDP ratio to 84% for the current fiscal year, though it expects the figure to land near <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\">90%<\/a>.<\/p>\n<p><strong>Maait said as much back in October:<\/strong> Speaking at the Egypt Economic Conference, Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\">said<\/a> the government is targeting a 72% debt-to-GDP ratio by FY 2026-2027 (one fiscal year after the IMF facility ends), and a primary surplus of 2.3%, up from 1.3% in FY 2021-2022.<\/p>\n<p><strong>More social protection in the pipeline: <\/strong>The facility focuses on expanding the cash transfer program Takaful and Karama to take an extra 5 mn families under its wing, expanding the reach of the Universal Health Ins. System, and protecting the purchasing power of the lower class and pensioners, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wGHPd8rVJUSymB92TXNfirvTWRJVeRCsjSVdAHsznhJaz23iBoGnimDqckfvEs5Ll\">a separate statement<\/a>.<\/p>\n<p><strong>The story got attention in the foreign press:<\/strong> <a href=\"https:\/\/apnews.com\/article\/inflation-business-egypt-pandemics-covid-ab12af3d3d35b74d42a448f17ca18e17\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/imf-executive-board-approves-46-month-3-bln-extended-arrangement-egypt-2022-12-16\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-16\/egypt-gets-3-billion-imf-loan-to-support-struggling-economy?leadSource=uverify%20wall\">Bloomberg<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/12\/16\/business\/egypt-debt-crisis-mime-intl\/index.html\">CNN<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF has approved a USD 3 bn loan for Egypt, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds. In a statement Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) agreed in October and that it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578143,"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":[7206],"tags":[271,104,1419,72,272,182,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-egp","tag-enterpriseam","tag-imf","tag-inflation","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"c374319e-e849-44f6-bf5a-8179fb41caf5","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/352.jpg","photo_position":"above","related_issue":[578137],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We got the IMF package \u2014 now here\u2019s what we need to do - 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\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We got the IMF package \u2014 now here\u2019s what we need to do\" \/>\n<meta property=\"og:description\" content=\"The IMF has approved a USD 3 bn loan for Egypt, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds. In a statement Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) agreed in October and that it [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-18T04:00:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.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=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"We got the IMF package \u2014 now here\u2019s what we need to do\",\"datePublished\":\"2022-12-18T04:00:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\"},\"wordCount\":1331,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"economy\",\"EGP\",\"EnterpriseAM\",\"IMF\",\"inflation\",\"state privatization program\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\",\"name\":\"We got the IMF package \u2014 now here\u2019s what we need to do - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-12-18T04:00:23+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"We got the IMF package \u2014 now here\u2019s what we need to do\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"We got the IMF package \u2014 now here\u2019s what we need to do - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","og_locale":"en_US","og_type":"article","og_title":"We got the IMF package \u2014 now here\u2019s what we need to do","og_description":"The IMF has approved a USD 3 bn loan for Egypt, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds. In a statement Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) agreed in October and that it [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-12-18T04:00:23+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"We got the IMF package \u2014 now here\u2019s what we need to do","datePublished":"2022-12-18T04:00:23+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/"},"wordCount":1331,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1","keywords":["Central Bank of Egypt","economy","EGP","EnterpriseAM","IMF","inflation","state privatization program"],"articleSection":["Economy"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/","name":"We got the IMF package \u2014 now here\u2019s what we need to do - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1","datePublished":"2022-12-18T04:00:23+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"We got the IMF package \u2014 now here\u2019s what we need to do"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/352.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":547846,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/imf-talks-were-productive-but-theres-no-new-help-just-yet\/","url_meta":{"origin":578142,"position":0},"title":"IMF talks were \u201cproductive,\u201d but there\u2019s no new help just yet","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"\u201cProductive discussions\u201d with the IMF \u2014 but no agreement yet: The IMF and Egyptian officials held \u201cproductive discussions\u201d on a fresh assistance programme during recent meetings in Cairo, the Fund and a government spokesperson said in separate statements this past Friday. The staff-level talks, which took place between 26 June\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\/2022\/7\/163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668562,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/17\/key-takeaways-from-the-imfs-fourth-loan-review\/","url_meta":{"origin":578142,"position":1},"title":"Key takeaways from the IMF\u2019s fourth loan review","author":"enterpriseam admin","date":"17 July 2025","format":false,"excerpt":"Net FDI is projected to reach USD 15.6 bn during the current fiscal year, up from USD 13.2 in FY 2024-25","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\/2025\/7\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548270,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/maait-dials-down-expectations-for-imf-loan\/","url_meta":{"origin":578142,"position":2},"title":"Maait dials down expectations for IMF loan","author":"enterpriseam admin","date":"2 August 2022","format":false,"excerpt":"Maait shoots down talk of a USD 15 bn IMF loan: \u201cThat figure is completely inaccurate,\u201d Finance Minister Mohamed Maait told Al Kahera Wal Nas\u2019 Khairy Ramadan late Sunday evening (watch, runtime: 22:43) when asked if Egypt is requesting a USD 15 bn loan from the international lender. Maait maintained\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\/2022\/8\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":686008,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/26\/imf-completes-fifth-sixth-reviews-of-egypts-usd-8-bn-loan-program\/","url_meta":{"origin":578142,"position":3},"title":"IMF completes fifth, sixth reviews of Egypt\u2019s USD 8 bn loan program","author":"enterpriseam admin","date":"26 February 2026","format":false,"excerpt":"Our extended fund facility with the IMF comes to a close in December","rel":"","context":"In &quot;The Big Story Today&quot;","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554015,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/fitch-thinks-egypt-could-be-up-for-another-imf-program\/","url_meta":{"origin":578142,"position":4},"title":"Fitch thinks Egypt could be up for another IMF program","author":"enterpriseam admin","date":"16 December 2021","format":false,"excerpt":"Egypt\u2019s high exposure to external financing could lead the government to seek a fresh IMF program, especially in the event of a \u201cliquidity shock,\u201d according to a recent Fitch Ratings report. The report points to less accommodative global liquidity and monetary conditions as being key risk factors for Egypt, despite\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\/12\/363.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545764,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/lebanon-is-getting-an-imf-rescue-package-if-it-can-implement-fiscal-reforms\/","url_meta":{"origin":578142,"position":5},"title":"Lebanon is getting an IMF rescue package \u2014 if it can implement fiscal reforms","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"Lebanon lands IMF funding: The IMF has decided to offer Lebanon a USD 3 bn, 46-month extended fund facility (EFF) following a visit with Lebanese authorities, the lender said in a statement yesterday. The EFF aims to help Lebanon \u201crebuild the economy, restore financial sustainability, strengthen governance and transparency, and\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"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\/578142","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=578142"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578142\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578143"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578142"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578142"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}