IMF completes second review under the SBA for Egypt

The IMF announced in a statement "the completion of the review allows the authorities to draw about USD 1.7 billion, bringing total purchases under the SBA to about USD 5.4 billion." The arrangement was approved by the Executive Board in 2020 "to support the authoritiesآ ‘economic reform program during the COVID-19 crisis." 

The programme aimed to address "balance of payments needs arising from the pandemic, support the authorities‘ efforts to maintain macroeconomic stability while preserving achievements made over the prior years, and advance key structural reforms." "Deepening and broadening structural reforms will be essential to address post-pandemic challenges, strengthen buffers and unleash Egypt’s enormous growth potential with benefits for all Egyptians," the IMF noted.