Arab Republic of Egypt

نویسندگان

چکیده

Egypt exhibited resilience to the COVID-19 pandemic shock following timely policy response supported by 2020 Rapid Financing Instrument (RFI) and 2020–21 Stand-By Arrangement (SBA). While performance under SBA was strong, immediate health crisis delayed efforts re-invigorate much needed structural reforms while high public debt vulnerabilities continued expose country changes in global financial conditions investor sentiments. As economic recovery gained momentum during FY2021/22, imbalances also started building amidst a stabilized exchange rate. The outbreak of Russia’s war on Ukraine crystallized pre-existing pressures, giving way capital outflows large reserves losses commodity prices led rising inflation. Trade spillovers have been significant given Egypt’s dependence Russia for wheat tourism. In October, authorities took bold actions unwind prior distortions including shift flexible rate taking measures help shield Egyptian population from mounting cost-of-living crisis. But uncertainty casts long shadow longstanding need advancing deep spur sustainable, inclusive, job-rich growth remains.

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ژورنال

عنوان ژورنال: IMF country report

سال: 2023

ISSN: ['1934-7685', '2227-8907']

DOI: https://doi.org/10.5089/9798400228469.002