The International Monetary Fund (IMF) completed the second and final review of Egypt's economic reform programme, allowing authorities to draw $1.7 billion in funding.
This brings the total financing under a 12-month Stand-By Arrangement (SBA) to $5.4bn, or 184.8 per cent of quota, the Washington-based lender said in a statement on Thursday.
The IMF's executive board also concluded the 2021 Article IV consultation with Egypt.
"The economic recovery is under way," Antoinette Sayeh, the IMF's deputy managing director and acting chair, said. "The Egyptian authorities have managed well the economic and social impact of the Covid-19 pandemic. Proactive economic policies shielded the economy from the full brunt of the crisis, alleviating the health and social impact of the shock while maintaining macroeconomic stability and investor confidence."
Egypt is the only country in the Middle East and North Africa region whose economy grew last year amid the Covid-19 pandemic-induced slowdown, according to the World Bank. Its economy is expected to expand by 2.8 per cent in the fiscal year ending June 30, 2021, and accelerate 5.2 per cent during the 2021-22 financial year, according to IMF projections.
However, the outlook is still clouded by uncertainty related to the pandemic, according to the fund.
As of Thursday, Egypt had recorded more than 278,000 coronavirus cases and more than 15,000 deaths, according to data from Worldometer's global Covid tracker. The country also recorded 207,411 recoveries.
"High public debt and large gross financing needs leave Egypt vulnerable to shocks or changes in financial market conditions for emerging markets," Ms Sayeh said.
The IMF underscored the need for deepening and broadening structural reforms to address post-pandemic challenges, strengthen buffers and unleash Egypt’s "enormous growth potential".
The fund's executive directors recommended continuing efforts to ensure debt sustainability, boost transparency and governance, and undertake structural reforms to build a greener, digital and more inclusive economy.
They also urged further efforts to boost private sector-led growth – including reducing the role of the state in the economy and leveling the playing field –improving the governance of public institutions, fostering labour market participation of women and youth, and encouraging exports.
The Central Bank of Egypt’s data-driven approach to monetary policy has helped keep inflation below its target range, Ms Sayeh said. This provides scope for monetary policy to further support the economic recovery as warranted by inflation and economic developments.
"Two-sided exchange rate flexibility is essential to absorb external shocks and maintain competitiveness," she added.
Egypt's banking system remains resilient, having entered the crisis well-capitalised and with ample liquidity.
"As crisis-related measures are unwound, continued supervisory vigilance will be needed to closely monitor lending standards," Ms Sayeh said.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Killing of Qassem Suleimani
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
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PRISCILLA
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
UAE currency: the story behind the money in your pockets
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
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