IMF: Egypt's banking sector "stable" despite COVID-19 repercussions

Wed, 02 Sep 2020 - 11:43 GMT

In a report released on Tuesday, the IMF said that the Egyptian banking system is liquid and well capitalized, with strong profitability and asset quality.

IMF expects Egyptian growth rate to hit 6.4% in FY 2021/2022

Wed, 02 Sep 2020 - 11:37 GMT

The IMF issued a report on Tuesday on the files related to Egypt's obtaining of an emergency financial assistance of dlrs 2.77 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic.

IMF hails latest developments of CBE in various sectors

Wed, 26 Aug 2020 - 01:53 GMT

This came after holding a number of online meetings between the members of the IMF mission and representatives of CBE from June 15 until June 29.

Egypt's banking system remained stable during COVID-19 pandemic: IMF

Tue, 11 Aug 2020 - 12:58 GMT

The system was liquid, profitable, and well capitalized heading into the crisis, but risks around banks’ loan portfolios, capital costs, and profitability have increased due to the economic slowdown.

IMF expects Egypt's GDP to dip to 2% in 20/21, rebound to 6.5% in 21/22

Tue, 11 Aug 2020 - 11:33 GMT

IMF clarified that this percentage came as the global recovery is now expected to be more gradual and domestic activity is projected to remain weak for longer.

IMF expects Egypt's losses in tourism revenues to exceed 2% in 2020 due to COVID-19

Wed, 05 Aug 2020 - 02:27 GMT

This expectation is also implied on large net tourism exporters, such as Costa Rica, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand, and Turkey.

Egypt congratulates Minouche Shafik on becoming Life Peer in UK House of Lords

Tue, 04 Aug 2020 - 08:28 GMT

Dame Minouche Shafik is the director of London School of Economics (LSE).

International Monetary Fund urges Egypt to proceed with monetary policy, successful reforms

Mon, 20 Jul 2020 - 10:24 GMT

Georgieva said the Egyptian state acted “very swiftly” once the coronavirus pandemic started to protect people and therefore protect the economy.

US rejects federal lawsuit against Egypt’s former PM

Sun, 19 Jul 2020 - 12:33 GMT

The US department stated that Beblawi is immune against federal lawsuits due to his position at the IMF.

IMF Slashes Middle East and Central Asia Growth Forecasts

Mon, 13 Jul 2020 - 12:38 GMT

The latest projection is 2 percentage points lower than the fund's April estimate, the IMF said in its latest Middle East and Central Asia Economic Outlook.

IMF official: Egypt's economic reforms contributed to countering COVID-19 impacts

Wed, 08 Jul 2020 - 12:41 GMT

Ramakrishnan added that the IMF supports Egypt in its efforts to mitigate the coronavirus economic fallout on the most affected sectors.

Egypt to receive first tranche of IMF $5.2B loan during next few days

Mon, 29 Jun 2020 - 03:21 GMT

Abu El Naga clarified that the first tranche worth $2 billion.

IMF: Global economy to take $12tn hit from coronavirus

Thu, 25 Jun 2020 - 01:29 GMT

IMF said it expected the global economy to shrink 4.9 percent this year — a sharper contraction than the 3 percent it predicted in April.

IMF places Egypt among top 30 countries with strong economic performance

Wed, 24 Jun 2020 - 04:45 GMT

In its World Economic Outlook for June, the fund expected Egypt and China to achieve a positive growth in 2020 despite economic challenges posed by the novel coronavirus pandemic.

IMF predicts 'worse than anticipated' slowdown for global economy in 2020

Wed, 24 Jun 2020 - 02:43 GMT

This decline in growth in 2020 is expected to be followed by a partial recovery, with the growth seen at 5.4 percent in 2021.

Egypt’s renewed engagement with IMF to boost investor confidence: Fitch

Sun, 17 May 2020 - 09:46 GMT

IMF financing will provide some support for Egypt's foreign reserves and portfolio flows may be stabilizing.

Egypt negotiates on another financial package from IMF

Thu, 14 May 2020 - 09:12 GMT

On the $6 billion financing package expected from the IMF, Deputy Governor of the Central Bank of Egypt (CBE) said that negotiations haven’t ended yet.

Egypt receives $2.7 billion from IMF

Wed, 13 May 2020 - 11:02 GMT

The loan, which will be paid back over a period of five years, comes as part of the the Rapid Financing Instrument (RFI) program.

IMF statement on Egypt's emergency financial assistance approval

Mon, 11 May 2020 - 07:53 GMT

The Executive Board of the International Monetary Fund (IMF) approved Egypt’s request for emergency financial assistance of SDR 2,037.1 million ($2.772 billion)

IMF approves $2.77B in emergency pandemic aid for Egypt

Mon, 11 May 2020 - 06:56 GMT

The International Monetary Fund on Monday said its executive board approved $2.77 billion in emergency financing to help Egypt.