The international community and financial institutions should assume a bigger role in funding mega infrastructure projects through soft loans and blended and innovative financing, Minister of International Cooperation Rania el-Mashat said Friday.
The report expected an increase in GDP growth rates in Egypt during 2022 to reach 5.2 percent, and then 5.8 percent in 2026.
Egypt's Ambassador to Lebanon Yasser Elwi meet on Friday with number of the newly assigned Minsters of the Lebanese government, including Deputy Prime Minister Saadeh Al Shami and Finance Minister Youssef Khalil.
These allocations represent a vaccine injection into the arm of the world, and if used wisely, it will be a unique opportunity to combat this unprecedented crisis, according to a statement by the Fund.
"As is always the case, the IMF is guided by the views of the international community," a spokesperson for the lender said in a statement Wednesday.
Mashat: Digitization has become a fundamental part of the development strategy across countries and International Financial Institutions
Celine Allard, IMF Mission Chief for Egypt said that over the past 12 months, the authorities’ commitment to prudent policies and their strong performance under the IMF program have helped mitigate the health and social impact of the pandemic while safeguarding economic stability, debt sustainability, and investor confidence. Growth is expected to rebound strongly in FY2021/22 to 5.2 percent, but the outlook is still clouded by uncertainty related to the pandemic, including regarding the full recovery of tourism.
“For the fiscal year 20/21, we still expect a growth of 2.8 percent, and we see that the recovery has begun with expectations of a stronger revival in the next fiscal year, reaching growth to 5.2 percent."
Egypt's foreign debt is expected constitute around 36 per cent of GDP by the end of 2021, she noted.
This came as he met with the ministerial economic group, in the presence of Prime Minister Mostafa Madbouli and Governor of the Central Bank of Egypt Tarek Amer.
We are moving ahead with our reform and development march through achieving a balance and flexibility among the adopted financial and economic policies, Maait said in a statement Thursday.
They commended Egypt’s strong performance under the Stand-by Arrangement, a result of timely policy response to the crisis and steadfast implementation of the program with overperformance in key program targets.
The second review allows the authorities to draw the equivalent of SDR 1,158.04 million (about US$1.7 billion), bringing total purchases under the SBA to SDR 3,763.64 million (about US$ 5.4 billion, 184.8 percent of quota).
"The Middle East region has lost 5 percent of its growth rates due to the pandemic, amid expectations that it will reach 1 percent and increase to 3 percent within two years, which are positive rates, but not high rates," Mohieldin stated.
Egypt will receive the last tranche of its $5.2 billion loan from the International Monetary Fund (IMF) before the end of June, Minister of Finance Mohamed Maait suggested in remarks to Egypt Today.
Abul-Naga clarified this step is a tribute to the economic reform measures undertaken by the Egyptian state since 2016.
This came after an International Monetary Fund (IMF) team led by Celine Allard held a virtual mission from May 4 to 24, 2021 with the Egyptian authorities. The mission held discussions on the 2021 Article IV Consultation with Egypt and the second review of Egypt’s economic program supported by the IMF’s 12-month Stand-by Arrangement.
Saeed's remarks came during her videoconference meeting with representatives of the International Monetary Fund (IMF) to discuss results of surveys of income, expenditure, and labor, the Planning Ministry said in a statement.
International Monetary Fund [IMF] Managing Director Kristalina Georgieva said, Tuesday that Egypt has become one of the fastest growing economies in the world.
Real GDP in the MENA region is now expected to grow 4 percent in 2021, up from the fund’s October projection of 3.2 percent.