{"id":578266,"date":"2022-12-21T04:04:30","date_gmt":"2022-12-21T04:04:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/the-imf-is-watching-what-happens-to-the-egp-in-january\/"},"modified":"2022-12-21T04:04:30","modified_gmt":"2022-12-21T04:04:30","slug":"the-imf-is-watching-what-happens-to-the-egp-in-january","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/the-imf-is-watching-what-happens-to-the-egp-in-january\/","title":{"rendered":"The IMF is watching what happens to the EGP in January"},"content":{"rendered":"

<\/a> The IMF will be keeping a beady eye on what happens to the exchange rate when the <\/strong>central bank ends import restrictions at the end of the month. <\/strong>Egypt has committed to permanently switching to a floating exchange rate in return for a USD 3 bn loan<\/a> from the IMF, but is yet to cancel its requirement to use letters of credit to finance imports. \u201cWe know that the central bank has not intervened to inject reserves into the foreign exchange market since we reached staff level agreement. But we also know that the backlog of imports has not been cleared,\u201d Ivanna Vladkova Hollar, the IMF mission chief for Egypt, told Reuters<\/a> this week.<\/p>\n

Import restrictions?<\/strong> Since March the central bank has required businesses to use letters of credit to finance most imports, a move designed to stem outflows of foreign currency amid a shortage triggered by the war in Ukraine. The decision has caused widespread economic disruption as imports have slowed to a crawl but has helped to support the EGP which has fallen sharply due to two devaluations this year.<\/p>\n

Mandatory L\/Cs should be a thing of the past by the end of the month: <\/strong>Egypt agreed to fully phase out mandatory L\/Cs<\/a> by the end of the year under the agreement made with the IMF in October, which committed them to adopting a \u201cdurably flexible exchange rate.\u201d In its statement last week, the Fund\u2019s executive board changed its language, and now specifies that Egypt must \u201cpermanently\u201d shift to a floating rate.<\/p>\n

What happens next is key:<\/strong> Following the lifting of the restrictions, the IMF will be looking for \u201cdaily volatility in the exchange rate that is similar to the volatility observed in truly floating exchange rate regimes\u201d, Vladkova Hollar said. \u201cWe will be looking very closely at how the FX market is functioning, which would then give us the ability to have a conversation with the authorities and our board as to [whether] what we are seeing is really consistent with a flexible exchange rate regime.\u201d<\/p>\n

A smaller first tranche than expected:<\/strong> The IMF agreed to disburse USD 347 mn immediately after the executive board signed off on the loan, less than half of the USD 750 mn<\/a> the Finance Ministry was expecting in the first tranche.<\/p>\n

The <\/strong>state ownership policy<\/a><\/strong> will be key:<\/strong> The long-awaited document, which will lay out which areas of the economy the state will divest from, will be the \u201cfirst critical document that we need jointly to be able to develop a more concrete action plan,\u201d Vladkova Hollar said.<\/p>\n

Privatization and leveling the playing field for private companies are key conditions of the new loan:<\/strong> Egypt has committed to undertaking \u201cwide-ranging\u201d structural reforms to reduce state involvement in the economy and increase transparency. These include<\/a> opening the books of state-owned enterprises, publishing audit reports done by the Central Auditing Organization, and making public information relating to government contracts worth more than EGP 20 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF will be keeping a beady eye on what happens to the exchange rate when the central bank ends import restrictions at the end of the month. Egypt has committed to permanently switching to a floating exchange rate in return for a USD 3 bn loan from the IMF, but is yet to cancel […]<\/p>\n","protected":false},"author":1,"featured_media":578267,"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":[271,104,1419,72,272,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578266","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-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"1719f1e8-80c8-4aa6-88cd-7b5b924bf865","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/446.jpg","photo_position":"above","related_issue":[578261],"teaser":"","voice_url":""},"yoast_head":"\nThe IMF is watching what happens to the EGP in January - 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\/21\/the-imf-is-watching-what-happens-to-the-egp-in-january\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The IMF is watching what happens to the EGP in January\" \/>\n<meta property=\"og:description\" content=\"The IMF will be keeping a beady eye on what happens to the exchange rate when the central bank ends import restrictions at the end of the month. 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are focusing on a \u201climited\u201d amount of funding, Central Bank of Egypt Governor Tarek Amer told Bloomberg Asharq on the sidelines of a meeting of the Union of Arab Banks yesterday\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\/2022\/5\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548774,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/egypt-could-opt-for-soft-egp-devaluation-to-stave-off-inflation-moodys\/","url_meta":{"origin":578266,"position":2},"title":"Egypt could opt for soft EGP devaluation to stave off inflation -Moody\u2019s","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Moody\u2019s is the latest to speculate on the fate of the EGP: Egyptian policymakers will likely choose to maintain a close watch on the EGP and allow it to ease gradually against the greenback to avoid exacerbating inflationary pressures, Moody\u2019s says in a report picked up by the regional press.The\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\/2022\/8\/344.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550127,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/","url_meta":{"origin":578266,"position":3},"title":"Agreement on IMF loan coming \u201cvery soon\u201d following DC meeting","author":"enterpriseam admin","date":"16 October 2022","format":false,"excerpt":"Close, but no cigar: A meeting between Egyptian officials and the IMF yesterday ended with the two sides not yet able to announce an agreement on a long-awaited emergency loan package to the country. IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement\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\/2022\/10\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577029,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/","url_meta":{"origin":578266,"position":4},"title":"Bond investors shrug at IMF rescue package","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"The markets aren\u2019t convinced that the IMF program is a cure for Egypt\u2019s woes: Egyptian bonds have sold off and the cost of insuring the country\u2019s debt has risen in the days since the government agreed a USD 3 bn rescue package with the IMF as investors adopt a wait-and-see\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\/2022\/11\/111.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607635,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/egypt-must-devalue-or-risk-bleeding-reserves-imf-chief\/","url_meta":{"origin":578266,"position":5},"title":"Egypt must devalue or risk \u201cbleeding\u201d reserves -IMF chief","author":"enterpriseam admin","date":"8 October 2023","format":false,"excerpt":"Kristalina Georgieva suggests there could be news in the coming weeks on when we can expect a review of progress under our USD 3 bn assistance program","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\/2023\/10\/329.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\/578266","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=578266"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578266\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578267"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578266"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578266"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}