International Monetary Fund

Search
Please send us your feedback

Egypt -- Fast Facts


IMF is committed to support Egypt (Photo:Newscom)

Joint Statement by IMF Managing Director Christine Lagarde and the Egyptian Authorities

April 21, 2013

IMF Managing Director Christine Lagarde met with the Egyptian delegation headed by the Governor of the Central Bank of Egypt Hisham Ramez, Finance Minister Al-Mursi Hegazy, and Minister of Planning and International Cooperation Ashraf Al-Araby. Click for more


News — Highlights

Statement by an IMF Mission to Egypt

April 15, 2013

Statement at the Conclusion of the Visit by IMF Director Masood Ahmed to Egypt

March 17, 2013

Statement at the Conclusion of the Visit by IMF Director Masood Ahmed to Egypt

January 7, 2013

IMF Reaches Staff-Level Agreement with Egypt on a US$4.8 Billion SBA

November 20, 2012

Statement by an IMF Mission to Egypt

April 10, 2012

Statement by an IMF Mission to Egypt

January 18, 2012

Video: Masood Ahmed: 90% of Egypt's subsidies are directed at the 20% richer population (Al Ahram)

March 19, 2012

Statement by an IMF Mission to Egypt

November 3, 2011

IMF Remains Committed to Supporting Egypt

June 30, 2011

Statement by an IMF spokesperson on the Arab Republic of Egypt

June 27, 2011

IMF Outlines $3 Billion Support Plan for Egypt

June 5, 2011
Click for more Read Press Release
Click for more Statement by Mr. Lipsky on Egypt

Statement by Ms. Ratna Sahay, Deputy Director of the Middle East and Central Asia Department and head of the IMF mission in Egypt

June 2, 2011

Statement by an IMF spokesperson on the Arab Republic of Egypt

May 12, 2011

Press Release: IMF Fact-Finding Team Visits Egypt

April 11, 2011

Mideast Unrest Shows Need to Consider Bigger Picture

April 8, 2011

Egypt in the IMF

  • Member since December 27, 1945
  • Quota: SDR 943.70 million (equivalent to $1.5 billion at end-May 2011 exchange rate.)
  • Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.

  • At the Executive Board of the IMF, the Egyptian Executive Director represents Egypt as well as a number of Middle Eastern countries.

Annual Consulation and Technical Assistance

The IMF conducts regular assessments of its members' economic policies called Article IV consultations. Egypt's most recent Article IV was concluded on April 13, 2010.

History of Lending Arrangements

From the 1980s until today, Egypt has had four economic programs that were supported financially by the IMF, totaling SDR 1.1558 billion ($1.850 billion at end-May 2011 exchange rate.). However, only about one fifth of the available amount was actually disbursed (SDR 263.2 million/$421.3 million at end-May 2011 exchange rate.). The last of these programs ended in 1998. The total amounts outstanding have been paid back. Below you will find additional information on the individual arrangements.

In 1987-88, Egypt and the Fund reached agreement on a Stand-By Arrangement (SBA) in the amount of SDR 250 million ($400.2 million at end-May 2011 exchange rate.) to help resolve the problem of external payments arrears and address structural weaknesses that manifested themselves in growing domestic inflation. Disbursements of SDR 116 million ($185.7 million at end-May 2011 exchange rate.) were made under this program.

In 1991-93, an additional SBA at SDR 234.4 million ($375.2 million at end-May 2011 exchange rate.) was granted in light of rising current account deficits, falling net capital inflows and grants, as well as external finance constraints, leading to concerns about Egypt's ability to finance both its food imports and debt service obligation. Thereafter from 1993-96, the Fund agreed to an additional SDR 400 million ($640.3 million at end-May 2011 exchange rate.) under the Extended Fund Facility (EFF). The total available financing for this period amounted SDR 634.4 million ($1.015 billion at end-May 2011 exchange rate.). However, Egypt only withdrew SDR 147.2 million ($235.6 million at end-May 2011 exchange rate.).

Finally from 1996-98, an additional SDR 271.4 million ($434.4 million at end-May 2011 exchange rate.) in financing was made available under a new SBA, as the program framework under the EFF had become outdated. Egypt did not draw any funds from under this program. However, this program and its predecessor—the EFF—provided a framework for obtaining the cancellation of 50% of Egypt's official debt from countries that are members of the Paris Club.

Since 1993 there have been no loan disbursements for Egypt, and the IMF's role therefore consisted of policy consultation and technical assistance.