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

Publication Date:

August 26, 2024

Electronic Access:

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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.

Series:

Country Report No. 2024/274

Subject:

Budget planning and preparation Central Banks Currencies Exchange rate arrangements Exchange rates Foreign exchange Inflation International reserves Money Prices Public debt Public financial management (PFM) Revenue administration

Frequency:

regular