President El Sisi and his Government have responded quickly and decisively with
measures to limit its spread and provide support to affected people and
businesses. The Central Bank of Egypt has also implemented timely measures to
support the domestic economy.
“To support these
efforts and contain the economic and financial impact of the pandemic, the
Central Bank and the Government of Egypt have requested financial assistance
from the IMF under the Fund’s Rapid Financing Instrument (RFI) and a Stand-By
Arrangement (SBA). The emergency financing under the RFI will allow the
government to address any immediate balance of payments needs and support the
most affected sectors and vulnerable groups of people.
I expect the request for
the RFI to be presented to the IMF’s Executive Board within the next few
weeks.
“My staff is also
working with the Egyptian government to support its strong set of macroeconomic
policies through an SBA. We fully support the government’s aim to safeguard the
significant gains made under the successfully completed three-year Extended
Fund Facility last year. This comprehensive package of financial support, if
approved, would help strengthen confidence in the Egyptian economy, make
further progress to protect the most vulnerable and provide the basis for a
strong economic recovery. It would also help accelerate Egypt’s reform efforts
aimed to support broad-based, job-rich and sustainable growth.”
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