IMF sees confidence returning in Egypt’s economy

Egypt’s economy is rebounding and confidence is returning, backed by political and social stability, the International Monetary Fund (IMF) said Tuesday, affirming that the country’s economic outlook is “favorable”.

In its staff report on the Executive Board conclusion of Article IV consultation1 with Egypt and the completion of the second review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF), the fund noted that “Egypt’s reform program, supported by the EFF Arrangement, has played a critical role in stabilizing the economy.”

On the completion of the second program, the Egyptian authorities were approved by the fund’s executive board in December to draw about $2.03 billion, bringing total disbursements to $6.08 billion.

The IMF executive board approved in November 2016 a $12 billion three-year loan to Egypt to support its economic reform program.