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International Monetary Fund

This 2007 Article IV Consultation highlights that sustained and bold reforms, prudent macroeconomic management, and a favorable external environment enabled the Egyptian economy to register another year of impressive performance. Growth remained high and has become more broad based, creating record numbers of jobs. Inflation has returned to single digits after spiking during the year through March 2007. Strong growth and rising equity and real estate prices have boosted domestic demand. Exports also rose sharply, along with worker remittances, Suez Canal receipts, and tourism revenues.

International Monetary Fund

This 2008 Article IV Consultation highlights that Egypt's economic performance since 2004 has been generally impressive, underpinned by a supportive external environment and the structural reform program that has included the liberalization of foreign trade, investment, and the exchange market. Executive Directors have commended the Egyptian authorities for their sound macroeconomic management and economic reforms to date. Executive Directors have also supported the authorities’ fiscal policy aimed at striking a balance between bolstering short-term activity and ensuring medium-term fiscal sustainability.

International Monetary Fund. Middle East and Central Asia Dept.

First Review Under the Stand-By Arrangement and Monetary Policy Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

International Monetary Fund

This Selected Issues paper on the Arab Republic of Egypt examines the dynamic relationship between the nominal exchange rate and prices during Egypt’s exit from a managed exchange rate regime. The exit from the peg went through several phases, including a series of step devaluations between 2000 and 2002, a first attempt at a float in January 2003, and the successful transition to a unified, flexible exchange rate system in late-2004. From 2000 to 2004, the Egyptian pound experienced a cumulative depreciation of 68 percent against the U.S. dollar.

Peter Bernholz, Guy Pfeffermann, W. Max Corden, Mr. Jaewoo Lee, Jeff Madrick, and Sean M. Culhane

This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.

Mr. Carlo A Sdralevich, Miss Randa Sab, Mr. Younes Zouhar, and Ms. Giorgia Albertin
In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
International Monetary Fund

Economic conditions in Egypt are favorable, and the economic reform is moving forward. The discussions focused on the elements of a macroeconomic policy. IMF staff discussed the following with authorities: a multiyear fiscal consolidation plan, the monetary policy stance and strategy appropriate for maintaining inflation in low single digits, the exchange rate policy, and progress in financial sector reform. Executive Directors recommended the reforms that are needed to support central bank operational autonomy and strengthen policy formulation, and they also stressed the need to enhance the flexibility of labor and improve education.

International Monetary Fund

This 2008 Article IV Consultation highlights that Egypt's economic performance since 2004 has been generally impressive, underpinned by a supportive external environment and the structural reform program that has included the liberalization of foreign trade, investment, and the exchange market. Executive Directors have commended the Egyptian authorities for their sound macroeconomic management and economic reforms to date. Executive Directors have also supported the authorities’ fiscal policy aimed at striking a balance between bolstering short-term activity and ensuring medium-term fiscal sustainability.

International Monetary Fund

This 2010 Article IV Consultation highlights that Egypt has weathered the global financial crisis relatively well and financial market pressures have eased after the initial outflow. Equity prices plateaued in recent months, after having recovered over half of the losses since the April 2008 peak. Egypt’s sovereign spreads tightened during 2009 and, in early 2010, remain well below their pre-Lehman levels. Reducing the fiscal deficit and public debt are key medium term objectives. Egypt’s public debt remains high in comparison with many other emerging market countries.

International Monetary Fund. Middle East and Central Asia Dept.

2017 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt