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Egypt maintained economic stability against COVID-19 repercussions

Egypt maintained economic stability against COVID-19 repercussions

ArabFinance:  Egypt responded to the coronavirus crisis with a timely and prudent fiscal monetary easing that helped mitigate the pandemic’s health and social repercussions, Ahram Online cited the International Monetary Fund’s (IMF) executive board.

Egypt has managed to safeguard its economic stability, debt sustainability, and investor confidence.

The report is the IMF's second and final review of Egypt’s economic reform program that was supported by a 12-month Stand-by Arrangement (SBA).

In June, the IMF announced the completion of Egypt’s $5.2 billion SBA loan and the completion of the second and final review of the program, paving the way for the country to receive the third tranche of the $1.6 billion loan.

“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 said.

However, “high public debt and large gross financing needs leave Egypt vulnerable to shocks or changes in financial market conditions for emerging markets," the fund stated.

 

 

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04 Oct 2021
United Housing & Development UNIT
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