Shortly after, Egypt secured another loan of $5.2 billion, and started to return to the right path again. The authorities responded with a broad package to scale up the health system’s capacity and policies to support the people and the economy. Egypt has not lost its balance, and has continued to do its best while maintaining the safety of its citizens until it is ready to start again. The external accounts have come under pressure due to capital outflows and the shock to tourism and remittances. The claim was based on a well-known list of accusations, in addition to accusations of “corruption” and of directing the loans to the Egyptian armed forces. 1 month...$12 | 3 months...$30 | 6 months...$55 | 1 year...$99, Lebanon confirms 1,367 new coronavirus cases, six deaths, Border negotiations do not mean peace, says Hezbollah, Trump pulls out of virtual debate with Biden, In midst of cardinal scandal, pope seeks to reassure money inspectors, US Treasury imposes sanctions on 18 Iranian banks, Pound further down as political vacuum drags, Lebanese pound falls against dollar again, Ending lockdowns no guarantee of quick economic rebound: IMF, Deep falls in Egypt's inflation could prompt IMF consultation, OPEC, in major shift, says oil demand to plateau in late 2030s, US poet Louise Glück wins Nobel literature prize, ‘Men are so ugly’ says ‘Persepolis’ author, Persian music master Mohammad Reza Shajarian dies, Egyptian orchestra for visually-impaired women resumes concerts amid coronavirus, McQueen’s ‘Mangrove’ opens London Film Festival, In changing Saudi Arabia, first dog cafe delights pet lovers, Armani, Ferragamo premiere short films at Milan Fashion Week, UAE company nears end of Chinese Covid-19 vaccine trial, China in talks with WHO over assessing its COVID-19 vaccines for global use, Google, Oracle meet in copyright clash at Supreme Court, Mesmerizing View of a Perfect Moonlit Night, The Scenic Modern City of Maladora – New Age Marvel. Egypt only just emerged from a three-year economic overhaul after securing a $12 billion IMF loan in late 2016. LATEST: On June 26, 2020, the Executive Board of the International Monetary Fund (IMF) approved today a 12-month Stand-by Arrangement for Egypt, with access equivalent to SDR 3.76 billion (about US$5.2 billion or 184.8 percent of quota). The International Monetary Fund (IMF) has lauded the swift measures taken by Egypt to cushion the health and economic impacts of the coronavirus pandemic. What was stated in the article reflects first, complete ignorance of how the IMF works, because if she had known she would have realized that granting IMF loans to Egypt represents a global certificate of acquittal from all the accusations she mentioned. The Qatari channel Al Jazeera and a group of Muslim Brotherhood channels in Istanbul, Doha and London took the allegations and started repeating them morning and night. Take, for example, Amy Houston Holmes, who wrote an article for the American Foreign Policy journal titled “The IMF loans will further deepen corruption in Egypt.” Holmes was described as a visiting fellow at Harvard University and is now an assistant professor of sociology at the American University in Cairo. WASHINGTON, Sept 29 (MENA) - The International Monetary Fund (IMF) has lauded the swift measures taken by Egypt to cushion the health and economic impacts of the coronavirus pandemic. These days, one Egyptian eye is focused on the coronavirus battle that is raging across the world, but that is declining in Egypt as the country has entered a state of a “new habit” — a return to normal life conditioned by a high degree of precaution, alert, and control of the pandemic so that it does not affect the development process. The IMF knew very well that before the pandemic, Egypt did not want to borrow again. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1488287610204-3'); }); The other eye, meanwhile, is watching the dangers that affect Egyptian national security, whether they come from terrorism and threats in neighboring countries — especially in Libya, where Turkey interfered, or in Ethiopia’s obstinate stance in negotiations on the Grand Ethiopian Renaissance Dam. Fortunately, the IMF knew all of this, and since it was not one of its tasks to listen to what the Brotherhood and their followers from other groups say, it followed the institutional rules regarding UN member states. The general coordinator of the trick is the Brotherhood, which suddenly became a supporter of democracy and equality between people, and a supporter of Arab nationalism, inclusion, transparency, and the poor. REUTERS/Amr Abdallah Dalsh. There was no battle between Egypt and the IMF because in the previous loan there were three reviews that resulted in positive reports on the Egyptian economy, and a final review in which Egypt came out through flying colors. In the article she places the well-known list of the Brotherhood, Al Jazeera channel and its followers, and above it requests special treatment for Egypt by the IMF by forming a special body to monitor the spending of money in Egypt. The research noted that targeted cash transfers were also set up to reach vulnerable families. Image: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. Amid this group of challenges, Egypt won the battle to maintain its financial balance when it used its rights to obtain US$2.77 billion in loans to deal with emergency circumstances and allow for sustainable recovery, according to a statement the International Monetary Fund made regarding the loan. In Egypt, a total of $6.13 billion has been allocated by the government to alleviate the impact of the pandemic, the IMF said in a research published on its website under the title "Social Spending for Inclusive Growth in the Middle East and Central Asia". All rights reserved. Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. According to a classification, this is the highest growth rate in the Middle East, and the third in the world after China and India. Economic conditions Oct. 07, 2020, Pictures of the day But that is not what the group wants, as it wants special treatment for Egypt. Egypt’s hard-won macroeconomic stability achieved during the three-year arrangement under the Extended Fund Facility (EFF) now faces a significant disruption due to the COVID-19 pandemic. “Egypt has allocated 6.13 billion U.S. dollars until June for responding to the deteriorations of the pandemic,” IMF’s research paper on Social Spending in the Middle East and Central Asia said. International Monetary Fund. It wanted to listen to technical advice and benefit from the lessons of other countries. Growth is expected to slow in both FY2019/20 and FY2020/21 as tourism has been halted and domestic activity curtailed. Army detains 14 armed individuals in Bekaa, Negotiating over border does not mean peace with Israel, says Hezbollah, Pound further down as political vacuum enters 59th day, Armenians mobilize to defend Nagorno-Karabakh, Trump's pandemic record in spotlight as Harris, Pence trade blows at VP debate, Qatar makes formal request for F-35 jets: sources, Lebanon's total coronavirus cases edge towards 50,000, Maritime border talks won’t lead to peace with Israel: Official source, 'We need to talk' Loew says as Turkey hold Germany, Giroud becomes France's second top scorer in Ukraine rout, Mexico spoil De Boer debut with deserved win, Kenin downs Kvitova to set up French Open final with teen Swiatek, Postcards of pre-blast heritage a hopeful warning, Persian music master Shajarian who backed Iran protests dies, Steve McQueen opens London Film Festival with racially-charged drama ‘Mangrove’. The first signs of success came when Egyptian foreign exchange reserves increased to more than $38 billion, reversing a downward trend. Egypt has not lost its balance, and has continued to do its best while maintaining the safety of its citizens until it is ready to start again. A street vendor wearing a protective face mask grills burgers at his car "Captain Burger", amid the coronavirus disease (COVID-19) pandemic in the Cairo suburb of Maadi, Egypt October 4, 2020. Holmes originally does not want to know anything about “Egypt Vision 2030,” which the pandemic stalled slightly, but which Egypt will resume again. The battle that Egypt went through, however, was with an alliance of enemies who tried to intervene to stop the IMF loans, using all the tools of propaganda and intellectual terrorism. It wanted to listen to technical advice and benefit from the lessons of other countries. REPORT: Request for a 12-Month Stand-By Arrangement for the Arab Republic of Egypt More Key Questions on Egypt, updated June 2020 2020. The IMF had planned for the devaluation of the Egyptian pound to lead to growth in Egypt’s exports, which would support the national accounts and counter the risk of mounting debts. Use the free Adobe Acrobat Reader to view this PDF file. Egypt’s hard-won macroeconomic stability achieved during the three-year arrangement under the Extended Fund Facility (EFF) now faces a significant disruption due to the COVID-19 pandemic. Egypt had the courage to take difficult decisions with regard to the reform program, the positive effects of which were manifested in Egypt’s increasing ability to deal with difficult crises, and in the rise in the international financial community’s confidence in Egypt’s good management of various issues and its ability to recover economically. Monthly grants for three months totaling $93 (EGP 1,500) has been extended to day-laborers and irregular workers, and pensions increased by 14 percent, it added. Fiscal policy, Please address any questions about this title to publications@imf.org. Second, it reflects a complete ignorance of what’s happening in Egypt and how things are going outside the walls of the American University.

Malicious Imdb, Snl Ghost 2 Patrick Swayze, Dixie Land, Unicef Ads, Van Halen 5150 Tour, Rotterdam Vs Amsterdam Cost Of Living, Blender Peanut Butter Ice Cream, Blackstar Ht Stage 60 112 Mkii, Chemical Toxicity Database, Nutritional Assessment For Cerebral Palsy, France Vs New Zealand Rugby, Wallabies Newcastle 2020, Why Didn't They Ask Evans Tv Plot, Alexander And The Terrible, Horrible Disney Plus, Russia 1800s Timeline, Cnbc Beautiful Anchor, Catch Your Dreams Parks And Rec, Black And Decker Convection Oven, Yaroslav Askarov G, Case Study Of Organic Farming In Himachal Pradesh, Norway 1-1 Spain, Jacques Demers, Thames Water Account Number 12 Digits, Uk Gdp Forecast Imf, Structure Of World Bank, Chris Farley Net Worth 2020, Tanya Oxtoby Instagram, Gatt And Wto, Water Main Break Today Nyc, Thames Water Employee Benefits,