Arab Republic of Egypt: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; and Staff Report

International Monetary Fund

No 2024/274, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Arab Republic of Egypt’s Third Review under the Extended Arrangement under the Extended Fund Facility (EFF), Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria. The Egyptian authorities’ recent efforts to restore macroeconomic stability have started to yield positive results. Inflation remains elevated but is coming down. A flexible exchange rate regime remains a cornerstone of the authorities’ program. However, the regional environment remains difficult, and complex domestic policy challenges require decisive implementation of the authorities’ reform program. Continued fiscal consolidation, with strengthened revenue mobilization, to create the space needed to expand social programs. Meaningfully advancing with the structural reform program would significantly improve growth prospects. Managing the resumption of capital inflows prudently will also be important to contain potential inflationary pressures and limit the risk of future external pressures.

Keywords: waiver request; NIR floor; consultation band; headline consumer price inflation; currency government T-bills; monetary policy committee; supplementary letter of intent; Exchange rate arrangements; Budget planning and preparation; Global (search for similar items in EconPapers)
Pages: 108
Date: 2024-08-26
New Economics Papers: this item is included in nep-ara
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=553968 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2024/274

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().