The IMF has called on Egypt to make “decisive progress on deeper reforms” as the cash-strapped country eagerly awaits the fund’s verdict on the size of a new loan agreed in March (MEES, 25 March). The IMF referenced Cairo’s current predicament in a 26 July statement which evaluated the fund’s emergency $5.2bn, 12-month Covid-19 Stand-By Arrangement which expired in mid-2021 (MEES, 12 June 2020).
“Directors noted Egypt’s remaining vulnerability from a high public debt burden and large gross financing requirements and emphasized that decisive progress on deeper fiscal and structural reforms is needed to boost the economy’s competitiveness, improve governance, and strengthen its resilience against shocks,” the IMF says. (CONTINUED - 180 WORDS)