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.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Company%20profile
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ENGLAND WORLD CUP SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler (wicketkeeper), Tom Curran, Joe Denly, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
Honeymoonish
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The%20Woman%20King%20
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OPINIONS ON PALESTINE & ISRAEL
Dengue%20fever%20symptoms
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Company%20profile
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COMPANY%20PROFILE
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Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Yabi%20by%20Souqalmal%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202022%2C%20launched%20June%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAmbareen%20Musa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20u%3C%2Fstrong%3Endisclosed%20but%20soon%20to%20be%20announced%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E12%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseed%C2%A0%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EShuaa%20Capital%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
