IMF Staff Country Reports

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

August 26, 2024

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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, (USA: International Monetary Fund, 2024) accessed September 14, 2024

Summary

Policy actions taken in March as part of a strengthened program package, including unification of the exchange rate and a significant increase in the policy rate, combined with the augmentation of the Extended Fund Facility (EFF) Arrangement, the recent investment deal with Abu Dhabi Development Holding Company (ADQ) and the announcement of financing from the European Union, the World Bank, and other international partners, improved FX liquidity and helped restore confidence. Inflation has started to fall, though remains elevated, and there are signs that the three-and-a-half-year contraction of private sector activity is reversing.

Subject: Budget planning and preparation, Exchange rate arrangements, Foreign exchange, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Consultation band, Currency government T-bills, Exchange rate arrangements, Global, Headline consumer price inflation, Monetary policy committee, NIR floor, Supplementary letter of intent, Waiver request

Publication Details

  • Pages:

    108

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2024/274

  • Stock No:

    1EGYEA2024002

  • ISBN:

    9798400288869

  • ISSN:

    1934-7685

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