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Arab Republic of Egypt: Request for a 12-Month Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt
Author:
International Monetary Fund. Middle East and Central Asia Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2020: Issue 266
Language:
English
Publication Date:
10 Aug 2020
DOI:
https://doi.org/10.5089/9781513553214.002
ISBN:
9781513553214
ISSN:
1934-7685
Pages:
100
Keywords:
ISCR; CR; staff's appraisal; safeguards assessment of the Central Bank of Egypt; draft bill; update to the safeguards assessment; government priority; Debt service; Credit; Global; COVID-19
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Egypt’s hard-won macroeconomic stability achieved during the three-year arrangement under the Extended Fund Facility (EFF) now faces a significant disruption due to the COVID-19 pandemic. Growth is expected to slow in both FY2019/20 and FY2020/21 as tourism has been halted and domestic activity curtailed. The external accounts have come under pressure due to capital outflows and the shock to tourism and remittances. The authorities responded with a broad package to scale up the health system’s capacity and policies to support the people and the economy.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2020: Issue 266