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Georgieva’s comments came during the recent G20 summit, which took place virtually on 21-22 November, hosted by Saudi Arabia.
Egyptian Presidency Spokesperson Bassam Rady said, on Sunday, that Al-Sisi’s statements came during his meeting with Prime Minister Mostafa Madbouly, Minister of Finance Mohamed Maait, and Deputy Finance Minister for Financial Policies Ahmed Kouchouk.
The meeting was held to discuss recent economic developments and policy priorities of the first review for Egypt’s economic program supported by the IMF’s 12-month SBA.
COVID-19 crisis is about disruption and acceleration, says IMF regional director
The IMF said that these ongoing global forces and the current crisis can offer opportunities to build a better future for everyone
MENA region governments took homogenous measures to cushion slight drop in economic activities
Drop in oil prices beneficial for Egypt, reducing import burden, says IMF’s MCD Region Director
Mohieldin nomination came after an agreement between the 11 Arab Group members at the IMF. he will assume the new IMF position by the end of this month
Egypt’s reform programme significantly contributed to improving general economic indicators, says Jihad Azour
Georgieva mentioned that where debt is unsustainable, it should be restructured without delay. “We should move towards greater debt transparency and enhanced creditor coordination
G24 calls for increased debt transparency, focus on growing financing needs of developing economies amid COVID-19
More troubling, however, is the fund’s projections for 2021, which will see the region worse off compared to the global average projections.
Faster progress on medical solutions could speed up post-pandemic recovery, potentially adding almost $9trn to global income by 2025, says IMF head
The data was released in an IMF report on Wednesday, entitled “Fiscal Monitor: Policies for the Recovery”, during the IMF and World Bank’s annual meetings.
Most banks will be able to absorb losses, but there is a weak tail, says international organisation
IMF projects global growth of -4.4%, upward revision of 0.8% compared to June update
IMF provides over $280bn in financing at unprecedented speed and scale to 81 countries, of which more than one third has been approved since March
IMF downgrades expectations for Egypt’s FY 2020/21 financing needs to $42bn, up from $35.8bn pre-COVID-19 forecast in same period
Inflation expected to jump to about 8% on average in FY 2020/2021, from 5.8% y-o-y in FY 2019/20, says IMF
The report noted that the global volume of goods trade in the first five months of 2020 was about 20% lower than that reported in 2019. The latest figures reflect a more abrupt contraction than that which was seen in the first five months of the global financial crisis in 2008.
Egypt undertook supportive measures for private sector and social, health care, to confront crisis
Regional GDP growth to recover to 3.4% in 2021, down from 4.2% in April forecast, says IMF
Global public debt reaching its highest level in recorded history, at over 100 percent of global GDP, in excess of post-World War II peaks
Remainder of SBA loan will be phased over two reviews
New IMF arrangement aims to help Egypt cope with the challenges posed by the novel coronavirus
Fund expects negative growth for all regions for first time in its history
The benchmark index EGX30 closed at 11,108 points, while the EGX70 EWI rose 3.09% to 1,259 points, and the EGX100 EWI rose 3.31% to 2,028 points.
Egypt’s foreign reserves fall to $36.0037bn in May, from $37.037bn in April, says CBE
Financing from Egypt’s international partners will be critical for key reform objectives, ensure reform success
In a statement on Thursday, Maait said the emergency support will help the government finance those sectors that have been most impacted, including the health sector, and enhance social protection programmes.