Egypt -- Fast Facts
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.
News — Highlights
April 15, 2013
March 17, 2013
January 7, 2013
November 20, 2012
April 10, 2012
January 18, 2012
March 19, 2012
November 3, 2011
June 30, 2011
June 27, 2011
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
May 12, 2011
April 11, 2011
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.)
- At the Executive Board of the IMF, the Egyptian Executive Director represents Egypt as well as a number of Middle Eastern countries.
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.
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.
- Egypt 2010 Article IV Consultation - The staff report and the Executive Board assessment
- Public Information Notice
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.