{"id":203703,"date":"2018-11-01T16:27:32","date_gmt":"2018-11-01T19:27:32","guid":{"rendered":"https:\/\/anba.com.br\/?p=203703"},"modified":"2018-11-05T14:05:41","modified_gmt":"2018-11-05T17:05:41","slug":"imf-to-disburse-another-usd-2-billion-loan-to-egypt","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/imf-to-disburse-another-usd-2-billion-loan-to-egypt\/","title":{"rendered":"IMF to disburse another USD 2 billion loan to Egypt"},"content":{"rendered":"<p>S\u00e3o Paulo \u2013 The <a href=\"https:\/\/www.imf.org\/external\/index.htm\" target=\"_blank\" rel=\"noopener\">International Monetary Fund (IMF)<\/a> should make available another USD 2 billion to Egypt, within the arrangement signed with the Arab country two years ago for the implementation of an economic reform program, the Fund reported. The total sum of the arrangement is USD 12 billion, and with this new disbursement, the total made available until now reaches USD 10 billion. <em>In the picture, Egypt\u2019s president, Abdel Fattah Al-Sisi<\/em>.<\/p>\n<p>The disbursement of the USD 2 billion is a recommendation of IMF\u2019s staff that visited the Arab country between October 18 to 31, led by the Assistant Director of IMF\u2019s Middle East and Central Asia Department Subir Lall, in the reforms program\u2019s fourth review. The disbursement recommendation is subject to approval by the IMF\u2019s Executive Board.<\/p>\n<p>In a report on the visit, the Fund stated that due to the authorities\u2019 strong implementation of the reform program, Egypt\u2019s Gross Domestic Product (GDP) growth accelerated from 4.2% in the fiscal year of 2016\/2017 to 5.3% in the 2017\/2018 period. \u201cThe Egyptian economy has continued to perform well, despite less favorable global conditions,\u201d said Lall in a statement.<\/p>\n<p>The current account deficit narrowed from 5.6% to 2.4% of the GDP in the same comparison, boosted by strong remittances and a recovery in tourism. Gross general government deficit declined from 103% of the GDP to 93%, also in the same comparison, supported by fiscal consolidation and higher growth, according to the Fund.<\/p>\n<p>\u201cThe Central Bank of Egypt\u2019s (CBE) prudent monetary policy helped bring down annual inflation from 33% in July 2017 to 11.4% in May 2018. However, inflation increased again to about 16% in September 2018, \u201csaid Lall. According to the Assistant Director, inflation increased due to food and energy prices, but the Central Bank should be able to bring it down to at least a single digit in the medium term.<\/p>\n<p>The IMF believes that the Central Bank\u2019s commitment to a flexible exchange rate policy will help enhance competitivity, protect the country\u2019s foreign reserves and cushion against external shocks. \u201cEgypt\u2019s banking system remains liquid, profitable, and well capitalized,\u201d said Lall. The fiscal policy should continue to keep debt on a declining path.<\/p>\n<p><strong>Translated by S\u00e9rgio Kakitani <\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-203687\">Bernd Von Jutrczenka\/AFP<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the fourth review of the country\u2019s economic reform program, concluded this Wednesday, the staff of the International Monetary Fund that visited the Arab country recommended the disbursement of a new portion of the arranged USD 12 billion loan.<\/p>\n","protected":false},"author":2316,"featured_media":203687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[421,5889,5890,28576,1988,5888],"class_list":{"0":"post-203703","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-egypt","9":"tag-economic-reform","10":"tag-egyptian-economic-reforms","11":"tag-fmi-en-2","12":"tag-imf","13":"tag-imf-loan"},"wps_subtitle":"In the fourth review of the country\u2019s economic reform program, concluded this Wednesday, the staff of the International Monetary Fund that visited the Arab country recommended the disbursement of a new portion of the arranged USD 12 billion loan.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/203703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=203703"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/203703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/203687"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=203703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=203703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=203703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}