Cairo - Mubasher: The International Monetary Fund's (IMF) executive board completed the second and final review of Egypt’s economic reform program supported by a 12-month stand-by agreement (SBA), allowing the country to receive the third tranche of the $5.4 billion loan worth $1.7 billion.
“The Egyptian authorities have managed well the economic and social impact of the COVID-19 pandemic. Proactive economic policies shielded the economy from the full brunt of the crisis, alleviating the health and social impact of the shock while maintaining macroeconomic stability and investor confidence," the IMF's Deputy Managing Director and Acting Chair, Antoinette Sayeh, said in a statement.
The country's economic growth is expected to record 2.8% in fiscal year (FY) 2020/2021 and rebound to 5.2% in FY21/22.
Sayeh noted that “the budget target for FY2021/22 strikes an appropriate balance between supporting the recovery and keeping public debt on the projected path."
“The Central Bank of Egypt’s (CBE) data-driven approach to monetary policy has helped anchor inflation expectations. Inflation remains below the CBE’s target range, providing scope for monetary policy to further support the recovery as warranted by inflation and economic developments," Sayeh pointed out.
