International Monetary Fund
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.
Georgieva said the Egyptian state acted “very swiftly” once the coronavirus pandemic started to protect people and therefore protect the economy.
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.
Ramakrishnan added that the IMF supports Egypt in its efforts to mitigate the coronavirus economic fallout on the most affected sectors.
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.
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.
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.
The loan, which will be paid back over a period of five years, comes as part of the the Rapid Financing Instrument (RFI) program.
This year, economies in the Middle East and Central Asia will shrink on average by 3.1 percent, representing a loss of output of $425 billion.
The success of the Egyptian state in its economic reform program, which started in 2016, enabled it the country withstand external pressures.
During 2021, Egypt would record real gross domestic product (GDP) of 2.8 percent, according to the report.
“What is more, they have negative implications for the orderly working of the international monetary system.”
Commenting on achieving 2 percent primary surplus in 2018/2019, he said that it helped anchor a further decline in the public-debt-to-GDP ratio.
The approval of the last review will allow Egypt to receive its last $2 billion disbursement of $12 billion loan extended over three years.
Approving this last review will allow Egypt to receive its last $2 billion disbursement of $12 billion loan extended over three years
Lagarde said in a statement her resignation was effective Sept. 12, firing the starting gun for the IMF’s search for her successor, which is likely to be another European.
An IMF mission has reached a staff-level agreement with the Egyptian authorities for the completion of the fifth and the final review of Extended Fund Facility (EFF).
The delegation reviewed the most prominent achievements of the program, which was launched in 2015, as it managed to reach 9 million citizens.
Christine Lagarde said she discussed with President Sisi progress under the IMF-supported Egyptian economic reform program.
Egypt Today reviews the most significant figures in the IMF’s report.