S\u00e3o Paulo \u2013 Like many other countries, Egypt experienced the economic impact of Covid-19, the ensuing global recession and stock market turmoil. President Abdul Fatah Khalil Al-Sisi and his cabinet were quick and assertive in their response to curb the spread of the novel coronavirus and support people and businesses.<\/p>\n
So argued Kristalina Georgieva of Bulgaria, the International Monetary Fund (IMF) managing director since the end of last year, in a press release. Besides praising Egypt\u2019s government, she said the Central Bank of Egypt implemented timely measures to support the domestic economy.<\/p>\n
Georgieva said the administration and the Central Bank \u201crequested financial assistance from the IMF under the Fund\u2019s Rapid Financing Instrument (RFI) and a Stand-By Arrangement (SBA)\u201d to support its \u201cefforts and contain the economic and financial impact of the pandemic.\u201d<\/p>\n
The managing director said the RFI \u201cwill allow the government to address any immediate balance of payments needs and support the most affected sectors and vulnerable groups of people.\u201d She expects the request to be presented to the IMF Executive Board \u201cwithin the next few weeks.\u201d The balance of payments relates to a country\u2019s international trade \u2013 inward and outward cash flows from imports, exports, transfers and other operations.<\/p>\n
Georgieva also said her team is working with the Egyptian government \u201cto support its strong set of macroeconomic policies through an SBA.\u201d She said the Fund fully supports \u201cthe government\u2019s aim to safeguard the significant gains\u201d made under the successfully completed reforms program, and \u201ca comprehensive package of financial support, if approved, would help strengthen confidence in the Egyptian economy.\u201d<\/p>\n
Translated by Gabriel Pomerancblum<\/strong><\/p>\n