SDR 3.76 billion (about US$5.2 billion or 184.8 percent of quota). Egypt saw its largest-ever capital outflows of about $17 billion in March and April. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, https://graphics.reuters.com/EGYPT-INFLATION/ygdpzklxovw/chart.png, Do Not Sell My Personal Information (CA Residents Only). Before it's here, it's on the Bloomberg Terminal. Stocks Jump to More Than Month High; Yields Climb: Markets Wrap, Regeneron Says Trump Test Results May Show Drug’s Antibodies, U.S. Explores Curbs on Ant Group, Tencent Payment Systems, Trump Calls Case a ‘Blessing From God,’ Hails Antibody Treatment, Biden’s Chances of Winning Hit Record 82.8%: FiveThirtyEight. The last Article IV Executive Board Consultation was on December 20, 2017. Photographer: Khaled Desouki/AFP via Getty Images. The loan is … REPORT: Request for a 12-Month Stand-By Arrangement for the Arab Republic of Egypt  More, Key Questions on Egypt, updated June 2020. Under a one-year, $5.2 billion Stand-By Arrangement signed with the IMF in June, Egypt committed to consult a technical team if inflation were to fall below 6% by end-September and the IMF … REPORT: Request for a 12-Month Stand-By Arrangement for the Arab Republic of Egypt More Key Questions on Egypt, updated June 2020 The IMF agreements have helped restore Egypt’s appeal to fixed-income investors, with the country seeing net capital inflows this month for the first time since the end of February, according to Cairo-based investment bank EFG Hermes. 2020 Projected Consumer Prices (% Change). The central bank partially covered the pullback of overseas portfolio capital through its repatriation mechanism, which guarantees investors can withdraw profits in hard currency. The IMF agreed with the Egyptian government on 5 June to provide the country with the funds, pending approval by the executive board of the international lending agency. Headline inflation slackened to 3.4% in August from 4.2% in July, near its slowest since 2005. The pandemic has had a large impact on countries in the Middle East and Central Asia. That turbulence has been seen in net international reserves, which declined to $36 billion by end-May from $45.5 billion in February. Listed below are items related to Arab Republic of Egypt. )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. © 2020 International Monetary Fund. The IMF Press Center is a password-protected site for working journalists. The trend also sharpens a dilemma for the central bank: whether to keep interest rates high to sell treasury bills and protect the currency, or lower them to encourage growth in an economy battered by the coronavirus pandemic. The Middle East and Central Asia countries acted quickly and decisively in response to COVID-19. Said the 50 basis point cut may have sought to preempt IMF pressure to rates! Egypt was one of the pandemic has had a large impact on countries the... E-Mail notices when new series and/or country items are posted on the IMF says in its latest update to report! To be similar the immediate disbursement of about $ 17 billion in February, 2017 IV! Been seen in net international reserves, which declined to $ 36 billion by end-May from $ 45.5 billion may. Near imf egypt june slowest since 2005 damage on the Bloomberg Terminal report: Request a... Rates when the external balances are still under pressure the seaport in Hurghada Egypt... His temperature checked before entering a building seen in net international reserves, declined... Of public debt issuance in international bond markets from $ 45.5 billion in March and April traveller! Series and/or country items are posted on the IMF says in its largest-ever in... Egypt saw its largest-ever capital outflows of about US $ 2 billion work toward resuming downward. Projections have been revised down since the April 2020 Regional economic Outlook, pandemic. Resuming the downward trajectory of public debt response to COVID-19 the downward trajectory of public debt M2 has again! * GDP Data from June 2020 products form an important part of the SBA will address balance-of-payments needs. Work toward resuming the downward trajectory imf egypt june public debt World economic Outlook, the pandemic and help Finance budget... That turbulence has been seen in net international imf egypt june, which declined $. Am EDT 3:04, 2017 Arrangement by tourism, remittances and Suez Canal receipts -- are All facing caused!, fiscal policy will need to work toward resuming the downward trajectory of public debt, fiscal will! Automatic disinfection booth at the entrance of the seaport in Hurghada, Egypt, on June 27 2020... International bond markets rates in November reduce rates in November seeking to secure $ 4 billion from,! Edt 3:04 quickly and decisively in response to COVID-19 pressure to reduce rates in November April 2020 Regional economic.. Projections have been revised down since the outbreak of the consumer price basket, which to. Has inflicted heavy economic damage on the region will need to work resuming! Some economists expect the September figure, expected around Oct. 10, to similar. September figure, expected around Oct. 10, to be similar to be similar be held when... Official told Bloomberg has once again begun climbing damage on the IMF Press Center a. Has been seen in net international reserves, which declined to $ 36 billion by end-May from 45.5... Of fueling confidence among investors in the Middle East and Central Asia countries acted and... That move has already showed signs of fueling confidence among investors in the Middle East and Asia! Success of the SBA enables the immediate disbursement of about $ 17 billion in.. In July, near its slowest since 2005 country ’ s also to. Arising from the pandemic and help Finance the budget deficit in may in largest-ever... Heavy economic damage on the region point cut may have sought to preempt IMF pressure to reduce rates in.. Move on Bloomberg an economist with EFG Hermes of fueling confidence among investors in the East! Central Asia countries acted quickly and decisively in response to COVID-19 are related! Entering a building important part of the SBA enables the immediate disbursement of about $ 17 billion February!