{"id":626891,"date":"2018-07-15T03:59:09","date_gmt":"2018-07-15T03:59:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/15\/imf-releases-third-review-of-egypts-reform-program\/"},"modified":"2018-07-15T03:59:09","modified_gmt":"2018-07-15T03:59:09","slug":"imf-releases-third-review-of-egypts-reform-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/15\/imf-releases-third-review-of-egypts-reform-program\/","title":{"rendered":"IMF releases third review of Egypt\u2019s reform program"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The IMF released on Thursday its third review of Egypt\u2019s economic reform program<\/strong>, praising it for having \u201cplayed a key role in stabilizing conditions, with external and fiscal deficit narrowing, inflation and unemployment declining, and growth accelerating.\u201d The <strong>outlook for growth remains favorable in the medium-term,<\/strong> especially as the government presses ahead with planned reforms and focuses its efforts on mitigating the impact of risks including higher global oil prices and capital outflows from emerging markets.<\/p>\n<p><strong>Key in light of our hand-wringing about the EM Zombie Apocalypse: The IMF sees Egypt is well-positioned to handle external shocks <\/strong>thanks to a comfortable level of foreign currency reserves (<a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/08\/net-fx-reserves-rise-to-usd-44-26-bn\/\">USD 44.26 bn in June 2018<\/a>), our strong banking system, and a stable macroeconomic policy. The country\u2019s ability to meets its foreign debt obligations also remains \u201cadequate,\u201d but \u201crisks remain,\u201d the IMF warns, saying, \u201cAdditional risks include a deterioration of the security situation that would disrupt the emerging recovery in tourism supporting the improved growth outlook, and adjustment fatigue that weakens structural reform momentum.\u201d<\/p>\n<p><strong>Read the report: <\/strong><a href=\"https:\/\/www.imf.org\/en\/Publications\/CR\/Issues\/2018\/07\/12\/Arab-Republic-of-Egypt-Third-Review-Under-the-Extended-Arrangement-Under-the-Extended-Fund-46061\">Tap or click here<\/a> for the landing page or download <a href=\"https:\/\/ent.news\/2018\/7\/1102.pdf\">the report directly here (pdf)<\/a>.<\/p>\n<p><strong>Driving growth for the coming year is an expected rebound in tourism as well as rising natural gas production<\/strong>. Based on that, the IMF\u2019s Executive board, which approved the <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/05\/what-were-tracking-on-5-july-2018\/\">disbursement of a fourth USD 2 bn tranche<\/a> of Egypt\u2019s USD 12 bn extended fund facility last month, sees:<\/p>\n<ul>\n<li><strong>GDP growing at 5.5% in FY2018-19<\/strong> and reaching 6% in the medium-term, \u201csupported by a recovery in tourism and rising natural gas production\u201d; <\/li>\n<li><strong>Average inflation rising to 14.4% in the current fiscal year <\/strong>and dropping to single digits by mid-2020. Inflation levels in June accelerated for the first in almost a year as the government slashed energy subsidies further and hiked prices for public transportation, measures the IMF views as key to the reform agenda; <\/li>\n<li><strong>The current account deficit dropping to 2.6% of GDP in FY2018-19 <\/strong>and is projected to narrow further to 2% in the medium-term. <\/li>\n<li><strong>Egypt achieving its target primary budget surplus of 0.2% for the fiscal year just ended. <\/strong>The country targets a 2% surplus in FY2018-19, which would reduce the budget deficit to 8.1% of GDP. <\/li>\n<\/ul>\n<p><strong>Key highlights from the IMF\u2019s policy review:<\/strong><\/p>\n<p><strong>On fiscal policy, the IMF nodded to the central bank\u2019s current approach in maintaining a flexible FX regime and key interest rates, <\/strong>agreeing that \u201cmonetary policy should remain cautious to contain second-round effects from the recent increases in energy prices, and that further policy changes should be guided by inflation expectations and demand pressures.\u201d <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/11\/revised-banking-act-wont-be-ready-for-public-debate-before-4q2018\/\"><strong>The new Banking Act<\/strong><\/a><strong> should \u201cestablish price stability as the primary objective of monetary policy, <\/strong>strengthen the CBE's institutional and operational autonomy, and improve the early intervention and resolution framework (MEFP 9).\u201d<\/p>\n<p><strong>Energy subsidy reform is still key to fiscal consolidation. <\/strong>The report notes that the government must continue to phase-out subsidies to achieve full-cost recovery, with the fuel subsidy bill set to decline to 1.8% of GDP in FY2018-19 from a projected 2.7% in FY2017-18 and 3.3% in the year before. Electricity subsidies are also expected to fall to 0.3% of GDP this fiscal year, from a projected 0.7% in FY2017-18, before they are eliminated entirely by FY2020-21. <strong>The government\u2019s plans to modernize the tax system <\/strong>are \u201cessential to create fiscal space for investments in health and education, infrastructure and a sustainable social safety net.\u201d<\/p>\n<p><strong>Structural reforms are necessary to \u201creorient Egypt toward private sector and export-led growth,\u201d <\/strong>as well as reduce state intervention in the economy. This will include the state\u2019s privatization program, which should see at least four public companies offer stakes on the EGX in 2018. <strong>A new system for allocating land to industry<\/strong> \u2014 which the report highlights as one of the main challenges to private sector growth \u2014 will also be issued in March 2019 and should facilitate the process. The report also cheered initiatives including an overhaul of the <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/16\/house-passes-procurement-act-and-law-granting-industrial-development-authority-full-autonomy-from-trade-ministry-shopping-centers-act-gets-nod-in-committee\/\">public procurement system<\/a> and ongoing efforts to fight corruption.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF released on Thursday its third review of Egypt\u2019s economic reform program, praising it for having \u201cplayed a key role in stabilizing conditions, with external and fiscal deficit narrowing, inflation and unemployment declining, and growth accelerating.\u201d The outlook for growth remains favorable in the medium-term, especially as the government presses ahead with planned reforms [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626891","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"35f3b619-06b4-4ae5-b4f0-f9052b267430","order":"0","is_powered_by":true,"section_story_id":"379c97b7-9014-407d-996b-cdfbfcc3635d","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626884],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The institution singled out recent fuel subsidy cuts for particular praise: \u201cThe continued fuel subsidy reform contributes to reducing the budget deficit and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":636929,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/05\/kabil-meets-imf-for-review-of-economic-reform-program\/","url_meta":{"origin":626891,"position":2},"title":"Kabil meets IMF for review of economic reform program","author":"enterpriseam admin","date":"5 November 2017","format":false,"excerpt":"Trade and Industry Minister Tarek Kabil met on Thursday with the IMF delegationvisiting the country to conduct its second review of the economic reform program, Al Masry Al Youm reports. Discussions centered around the ministry\u2019s industrial and trade development strategies, with Kabil pointing to declining imports, better economic growth, and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":598872,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/standard-chartered-gives-thumbs-up-to-egypts-economic-reform-program\/","url_meta":{"origin":626891,"position":3},"title":"Standard Chartered gives thumbs up to Egypt\u2019s economic reform program","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Standard Chartered gives thumbs up to Egypt\u2019s economic reform program: Egypt will be the only oil-importing Middle East, North Africa, and Pakistan (MENAP) economy to see accelerating economic growth in the coming years, Standard Chartered has said in a report. The British bank predicts anaemic growth in other MENAP oil-importers,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1541.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":626891,"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 &quot;Speed Round&quot;","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":602776,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/07\/imf-releases-fourth-review-of-egypts-reform-program\/","url_meta":{"origin":626891,"position":5},"title":"IMF releases fourth review of Egypt\u2019s reform program","author":"enterpriseam admin","date":"7 April 2019","format":false,"excerpt":"IMF releases fourth review of Egypt\u2019s reform program: The IMF was out yesterday with its fourth and penultimate policy review of Egypt\u2019s economic reform program, which saw a marked improvement in Egypt\u2019s macroeconomic situation to date. \u201cThe program performance has been broadly on track,\u201d the fund writes, noting that the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/153.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\/626891","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=626891"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626891\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626884"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626891"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626891"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}