{"id":645222,"date":"2017-07-16T03:58:41","date_gmt":"2017-07-16T03:58:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/16\/imf-board-approves-release-of-second-tranche-of-extended-fund-facility\/"},"modified":"2017-07-16T03:58:41","modified_gmt":"2017-07-16T03:58:41","slug":"imf-board-approves-release-of-second-tranche-of-extended-fund-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/16\/imf-board-approves-release-of-second-tranche-of-extended-fund-facility\/","title":{"rendered":"IMF board approves release of second tranche of extended fund facility"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility<\/strong> to Egypt, following an <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2017\/07\/13\/pr17281-imf-executive-board-completes-first-review-under-eff-with-egypt\">IMF Executive Board review on Thursday<\/a>. <strong>The funds should already have hit Egypt\u2019s coffers<\/strong>, according to <a href=\"http:\/\/www.reuters.com\/article\/egypt-economy-idUSL8N1IM083\">MENA<\/a>. \u201cThe continued fiscal consolidation aims to place public debt on a declining path\u2026 The main deficit-reducing measures are the increase of the VAT rate, continued reforms of energy subsidies and wage restraint,\u201d according to an IMF statement. The board also said Egypt has made significant progress on structural reforms, noting the passing of industrial permits, investment and bankruptcy acts, which it called \u201ccritical pieces of legislation necessary to strengthen the business climate, attract investments, and promote growth.\u201d<\/p>\n<p><strong>Top IMF officials praised the Ismail government\u2019s economic reform program<\/strong>, particularly the recent cuts to fuel and electricity subsidies in addition to the 200 bps interest rate hikes, the latter of which took the nation by surprise. \u201cThe government and the central bank have taken the right measures to rein in inflation, reduce the budget deficit, and set the Egyptian economy on a path to stability and growth,\u201d <a href=\"http:\/\/www.imf.org\/en\/news\/articles\/2017\/07\/13\/pr17282-statement-by-the-imf-managing-director-on-egypt\">said IMF Managing Director Christine Lagarde<\/a>. She added that she was \u201cvery pleased that the government has taken and will continue to take measures to protect the poor and vulnerable groups, including through increasing social spending.\u201d<\/p>\n<p>\u201cMeasures taken by the Egyptian government, such as increasing the prices of fuel and electricity and imposing the value-added tax, should have a positive impact on the budget,\" IMF mission chief for Egypt Chris Jarvis <a href=\"http:\/\/news.xinhuanet.com\/english\/2017-07\/15\/c_136446339.htm\">said in statement to MENA<\/a>. \"Such measures help achieve initial surplus in the budget of the Egyptian government for the first time in 10 years,\" he added.<\/p>\n<p><strong>On inflation, Jarvis said that the key test is to make sure that high inflation doesn\u2019t become permanent.<\/strong> \u201cThe actions that the central bank are taking are the right ones to achieve its inflation targets,\u201d <a href=\"https:\/\/twitter.com\/AkhbarAsunduk\/status\/886118156934279169\/video\/1\">said Jarvis via twitter<\/a>. He expects inflation to fall by the end of this calendar year and be much lower by next summer.<\/p>\n<p><strong>We would beat the drum again about interest rate hikes being a phenomenally bad idea in a nation as under-banked as Egypt<\/strong>, but it\u2019s rather clear the folks at the IMF aren\u2019t listening to us\u2026<\/p>\n<p>The news comes as<strong> the IMF appears to have lowered its growth estimate for the fiscal year that ended a couple of weeks ago<\/strong>, saying the economy is likely to have grown 3.5% in FY2016-17, down from an initial estimate of 4.0%. It has also revised its projection for the current fiscal year, lowering it to 4.5% from 4.8%. The IMF now also expects the budget deficit for FY2016-17 to reach 10.5% of GDP, up from a previously projected 9.8% of GDP. However, <strong>the IMF\u2019s projections for the budget deficit in FY2017-18 would appear to be more optimistic than the government\u2019s<\/strong>, with the Fund expecting it to reach 8.5% of GDP from 8.4% of GDP in its previous evaluation. The government is anticipating the deficit this fiscal year will come in at 9.1% of GDP. On inflation, the IMF\u2019s initial estimates proved way off point, with consumer price inflation at the end of last fiscal year being revised to 32.8% from 16.6%. <strong>The fund expects inflation to drop to 10.3% at the end of FY2017-18.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility to Egypt, following an IMF Executive Board review on Thursday. The funds should already have hit Egypt\u2019s coffers, according to MENA. \u201cThe continued fiscal consolidation aims to place public debt on a [&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-645222","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9f7b5fe1-e361-4368-b3e0-0a9f9b486f05","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[645215],"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>IMF board approves release of second tranche of extended fund facility - 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\/2017\/07\/16\/imf-board-approves-release-of-second-tranche-of-extended-fund-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF board approves release of second tranche of extended fund facility\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility to Egypt, following an IMF Executive Board review on Thursday. 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to\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":596527,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/imf-says-no-talks-with-egypt-over-new-program\/","url_meta":{"origin":645222,"position":2},"title":"IMF says no talks with Egypt over new program","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Finish your plate before asking for a new program, IMF tells Egypt: The International Monetary Fund (IMF) will not open talks with Egypt over new support until the government has finished implementing the current program of economic reforms, IMF assistant communications director Camilla Andersen told a press briefing. \u201cWe\u2019re not\u2026","rel":"","context":"In &quot;Speed 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IMF Egypt Mission Chief Chris Jarvis had said last week that the board would meet sometime\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":600295,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypt-on-imf-boards-agenda-in-coming-weeks-lagarde-says\/","url_meta":{"origin":645222,"position":4},"title":"Egypt on IMF board\u2019s agenda in coming weeks, Lagarde says","author":"enterpriseam admin","date":"27 January 2019","format":false,"excerpt":"Egypt will be on the IMF board\u2019s agenda in the coming weeks, Lagarde says: The IMF\u2019s Executive Board will discuss its fourth review of Cairo\u2019s economic reform program \u201cin the coming weeks,\u201d IMF Managing Director Christine Lagarde said in a statement on Friday. 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