Egypt to draw $1.67bn under SBA as IMF completes first review of reform plan

The Executive Board of the International Monetary Fund (IMF) completed, on Saturday, the first review of Egypt’s economic reform programme supported by a 12-month Stand-By Arrangement (SBA). The completion of the review allows the Egyptian authorities to draw SDR 1.158bn (equivalent to about $1.67bn), bringing total disbursements under the SBA to SDR 2.605bn (about $3.6bn).

The 12-month SBA, totalled SDR 3.763bn (about $5.2bn at the time of approval), was approved by the IMF Executive Board on 26 June 2020 to support the authorities’ economic reform programme during the COVID-19 crisis.

“The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity. The proactive measures taken to address health and social needs and to support the sectors most directly affected by the crisis have helped mitigate the economic and human impact. The growth slowdown has so far been less severe than expected with Egypt expected to be among the few countries with positive growth rate this year. External market conditions have also improved with a strong return of portfolio inflows,” said Antoinette Sayeh, Deputy Managing Director and Acting Chair of IMF.

Read More: https://dailynewsegypt.com/2020/12/19/egypt-to-draw-1-67bn-under-sba-as-imf-completes-first-review-of-reform-plan/