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Egypt is making good progress in the loan programme, IMF

Christine Lagarde, head of the International Monetary Fund (IMF), said on Monday that Egypt is making good progress in the $12bn loan programme, noting that the currency is likely to stabilise after months of depreciation. Lagarde said in an interview during a visit to Dubai that the IMF sees good, noticeable progress by the Egyptian …

Daily News Egypt

Protecting the Vulnerable During Egypt’s Economic Reform

Restoring economic stability is not easy, as Egypt’s President Sisi has said many times. The country faces three interlinked problems: an urgent balance of payments problem—which means more foreign currency has been going out the door than coming in—rising public debt, as well as low growth and high unemployment. With help from the IMF, Egypt has …

Chris Jarvis

Egypt to receive 2nd tranche of African Development Bank loan

On Monday, the Minister of International Cooperation Sahar Nasr signed an agreement with Leila Mokaddem, resident representative of the African Development Bank (AFDB) to receive $500m as the second tranche of a $1.5bn loan. The loan was agreed on last year. The tranche will be given to Egypt in January 2017, according to Prajesh Bhakta, …

Hisham Salah

IMF-backed reform programme is Egypt’s best shot but poses high potential risk: FocusEconomics

November was a month of interesting developments for Egypt, from the Central Bank of Egypt’s (CBE) decision to float the national currency, to the International Monetary Fund’s (IMF) approval of the $12bn loan, a correction of external balances, and an expected soaring fiscal deficit. According to FocusEconomics Consensus Forecast for the Middle East and North …

Mohamed Samir

How should the government pace its reforms after the IMF loan approval?

On 11 November, the executive board of the International Monetary Fund (IMF) approved a $12bn three-year extended fund facility for Egypt, in support of the government’s economic reform programme. Ever since negotiations with the IMF started, the government has implemented a number of economic reforms, including passing the civil service and value-added tax laws, floating …

Hisham Salah