{"id":593709,"date":"2019-10-08T04:00:22","date_gmt":"2019-10-08T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/08\/imf-accused-of-reckless-lending-to-high-debt-countries-including-egypt\/"},"modified":"2019-10-08T04:00:22","modified_gmt":"2019-10-08T04:00:22","slug":"imf-accused-of-reckless-lending-to-high-debt-countries-including-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/08\/imf-accused-of-reckless-lending-to-high-debt-countries-including-egypt\/","title":{"rendered":"IMF accused of \u201creckless lending\u201d to high-debt countries, including Egypt"},"content":{"rendered":"

<\/a> IMF accused of \u201creckless lending\u201d to high-debt countries, including Egypt:<\/b> The IMF has disbursed some USD 93 bn in financing to a number of governments that are classified as having \u201cvery high debt,\u201d including Egypt, without requiring a debt restructuring program, making the lending \u201creckless,\u201d UK-based Jubilee Debt Campaign said in a report out yesterday (pdf)<\/a>. JDC is a charity organization that focuses on global debt research and campaigning to cancel developing countries\u2019 debt in a bid to alleviate poverty. The report notes that the IMF has a policy in place that prevents the fund from doling out loans to governments with an \u201cunsustainable debt situation\u201d without making the financing contingent on a debt restructuring program to make the situation sustainable. However, JDC says that the IMF does not have a specific definition of \u201cunsustainable debt,\u201d which clears the path for governments to receive funding without really remedying the underlying issue. The report also claims that incurring more debt from the IMF puts the economic burden on these countries\u2019 populations by requiring austerity measures.<\/p>\n

How does Egypt\u2019s debt situation measure up?<\/b> Egypt is listed among six countries that have received IMF funding without a debt restructuring stipulation \u201ceven though external government debt service as a proportion of both revenue and exports is well above the PRGT [Poverty Reduction and Growth Trust] country thresholds.\u201d The other five countries are Argentina (which alone received a record USD 56 bn facility), Angola, Ecuador, Pakistan, and Sri Lanka. Egypt\u2019s USD 12 bn extended fund facility was doled out as the IMF assessed the country\u2019s debt situation as \u201csustainable but subject to significant risks,\u201d the report says.<\/p>\n

The report makes no mention of the government\u2019s recently implemented comprehensive debt reduction strategy<\/b>, which the Finance Ministry officially rolled out in March<\/a>. Under the strategy, the government aims to reduce debt to 80% of GDP by 2022 by extending maturities on government debt and speeding up the inclusion of informal businesses into the formal economy. A senior government official also told us in May<\/a> that the finance and planning ministries agreed to set a USD 110 bn cap on foreign debt within two to three years. Once we reach that mark, the government will move to cut its foreign borrowing as the financing gap shrinks and economic indicators improve. That cap was placed as the limit for borrowing before the Egypt\u2019s debt becomes unsustainable, according to our source.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF accused of \u201creckless lending\u201d to high-debt countries, including Egypt: The IMF has disbursed some USD 93 bn in financing to a number of governments that are classified as having \u201cvery high debt,\u201d including Egypt, without requiring a debt restructuring program, making the lending \u201creckless,\u201d UK-based Jubilee Debt Campaign said in a report out yesterday […]<\/p>\n","protected":false},"author":1,"featured_media":593710,"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":[7106,72,272,11083,2380,368],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-imf","tag-jubilee-debt-campaign","tag-speed-round","tag-sustainability","wpautop","entry"],"acf":{"mongo_id":"46e6de86-336b-47e0-a7dc-86deda574440","is_powered_by":true,"section_story_id":"dea18828-10f3-4b64-998f-0d5c9147ab73","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/10\/2363.png","photo_position":"above","related_issue":[593698],"teaser":"","voice_url":""},"yoast_head":"\nIMF accused of \u201creckless lending\u201d to high-debt countries, including Egypt - 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The fallout from the Russia-Ukraine war, the pandemic and a surge in\u2026","rel":"","context":"In "AROUND THE WORLD"","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":[]},{"id":570814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/","url_meta":{"origin":593709,"position":1},"title":"IMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19","author":"enterpriseam admin","date":"15 April 2020","format":false,"excerpt":"IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for covid-19: The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement. This allows the countries \u2014 which are\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597996,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/could-sharp-power-lending-reduce-the-need-for-further-imf-bailouts\/","url_meta":{"origin":593709,"position":2},"title":"Could \u2018sharp power lending\u2019 reduce the need for further IMF bailouts?","author":"enterpriseam admin","date":"12 May 2019","format":false,"excerpt":"NEW BUZZWORD: Could \u2018sharp power lending\u2019 reduce the need for further IMF bailouts? Sharp power lending is the latest buzzword for emerging powers handing out large bilateral loans to countries facing economic crises \u2014 and could be an alternative to traditional multilateral lending, sovereign debt analyst Timothy Ash writes in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/2788.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594367,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf\/","url_meta":{"origin":593709,"position":3},"title":"EM state-owned enterprises\u2019 rising debt is a \u201cgrowing concern\u201d for gov\u2019t finances, says IMF","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Emerging market state-owned enterprises\u2019 rising debt burdens are a \u201cgrowing concern\u201d for government finances, as they currently account for \u201ca significant portion\u201d of all EM debt securities, the IMF said in its Global Financial Stability report (pdf). EM state-owned enterprises (SOEs) have capitalized on \u201ceasy global financial conditions\u201d over the\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/1571.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594404,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/29\/egypt-still-expected-to-outperform-ems-regional-oil-importers-on-gdp-but-debt-pressure-is-acute-imf-says\/","url_meta":{"origin":593709,"position":4},"title":"Egypt still expected to outperform EMs, regional oil importers on GDP, but debt pressure is \u201cacute,\u201d IMF says","author":"enterpriseam admin","date":"29 October 2019","format":false,"excerpt":"Egypt still expected to outperform EMs, regional oil importers on GDP, but debt pressure is \u201cacute,\u201d IMF says: GDP growth across MENAP oil importers is expected to average at 3.6% in 2019 and 3.7% in 2020, the IMF said in its October 2019 Regional Economic Outlook (pdf). When excluding Pakistan\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\/2019\/10\/1549.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573136,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/21\/egypt-is-among-ems-most-vulnerable-to-debt-default-as-covid-borrowing-pressures-state-finances-ft\/","url_meta":{"origin":593709,"position":5},"title":"Egypt is among EMs \u201cmost vulnerable\u201d to debt default as covid borrowing pressures state finances -FT","author":"enterpriseam admin","date":"21 July 2020","format":false,"excerpt":"Egypt is among the emerging markets \u201cmost vulnerable\u201d to debt default as covid borrowing pressures state finances, the FT suggests: Egypt, Zambia, and Ghana are the three emerging economies with the greatest risk of defaulting on sovereign external debt in the next year, Absolute Strategy Research\u2019s Adam Wolfe says, according\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\/7\/172.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\/593709","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=593709"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593709\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593710"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593709"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593709"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}