The International Monetary Fund called on the Egyptian government to take more steps to promote private sector development and improve governance.
According to the Executive Board of the International Monetary Fund after its meeting to evaluate the recent loan program in Egypt, Egypt needs decisive progress in deeper financial and structural reforms to enhance the competitiveness of the economy and make it more resilient to shocks.
In 2020, Egypt secured a $5.2 billion reserve arrangement, in addition to an additional $2.8 billion under the International Monetary Fund's Rapid Financing Instrument, helping the authorities address the impact of the coronavirus.
The IMF assessment found that the standby arrangement achieved its primary objective of maintaining macroeconomic stability, and that policy implementation was broadly in line with the program's objectives. The Fund noted that within the framework of the Egyptian government's goal of enhancing confidence through a stable currency, greater exchange rate fluctuations could have been established during the SBA to avoid the accumulation of external imbalances and facilitate adaptation to shocks.
Source (Al-Arabiya.net Website, Edited)
