Arab Republic of Egypt:Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Author: International Monetary Fund. Middle East and Central Asia Dept.

Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Volume/Issue: Volume 2020 Issue 271

Publication date: September 2020

ISBN: 9781513556093

$18.00

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , Egypt , balance of payments gap , debt , debt sustainability assessment , support , investor confidence , fund GRA credit , hard-won macroeconomic stability , executive board discussion , Credit , Debt service , Global , COVID-19

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Summary

The COVID-19 pandemic has drastically disrupted people’s lives, livelihoods, and economic conditions. Growth is expected to slow considerably in both 2019/20 and 2020/21 as tourism is at a standstill and domestic activity is expected to significantly slow. The external accounts are expected to deteriorate from portfolio outflows and the shock to tourism and remittances, resulting in an urgent balance of payments need.