Arab Republic of Egypt: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

International Monetary Fund

No 2019/098, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Argentina’s Fourth Review under the Extended Arrangement under the Extended Fund Facility (EFF). The paper highlights that Egypt’s macroeconomic situation has improved markedly since the initiation of the authorities’ reform program in November 2016. The liberalization of the foreign exchange market, prudent monetary policy, and ambitious fiscal consolidation has helped stabilize the macroeconomic environment. Growth has accelerated; external and fiscal deficits have narrowed; international reserves have risen; and public debt, inflation, and unemployment have declined. The external environment has shifted in recent months, posing new policy challenges. The tightening of global financial conditions and heightened global risk aversion have contributed to a pullback by investors from emerging markets. The outlook remains favorable, provided policies agreed under the program are implemented, but the balance of risks has shifted. The authorities’ prudent policies have been instrumental in preserving macroeconomic stability, even as the external environment has weakened notably. The IMF staff supports the authorities’ request for the completion of the fourth review under the Extended Arrangement under the Extended Fund Facility.

Keywords: ISCR; CR; Egypt; fuel price indexation; Fund; inflation expectation; GDP; US$; core inflation; budget sector; economic reform program; Energy subsidies; Global (search for similar items in EconPapers)
Pages: 85
Date: 2019-04-06
New Economics Papers: this item is included in nep-ara and nep-mac
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