International Monetary Fund Statement on Egypt
IMF News, March 23, 2022
Source details
- Canonical URL
- International Monetary Fund Statement on Egypt
Other formats
Bibliographic details
- Published: March 23, 2022
Key facts and context
- Press Release No. 22/85
- March 23, 2022
- Washington, DC
- Issued by: Ms. Celine Allard, mission chief for Egypt
- Contact / Media Relations: PRESS OFFICER: Randa Elnagar; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson
Main findings and observations (as stated)
- “The rapidly changing global environment and spillovers related to the war in Ukraine are posing important challenges for countries around the world, including Egypt.”
- “In that context, the Egyptian authorities have requested the International Monetary Fund’s (IMF) support to implement their comprehensive economic program.”
- “A set of macroeconomic and structural policy measures would mitigate the impact of this shock on the Egyptian economy, protect the vulnerable, and preserve Egypt’s resilience and medium-term growth prospects.”
- The authorities’ recent actions to expand targeted social protection and implement exchange rate flexibility are described as “welcome steps.”
Policy recommendations and conditional emphasis (as stated)
- “Continued exchange rate flexibility will be essential to absorb external shocks and safeguard financial buffers during this uncertain time.”
- “Prudent fiscal and monetary policies will also be needed to preserve macroeconomic stability.”
IMF engagement and next steps (as stated)
- “Staff is working closely with the authorities to prepare for program discussions with a view to supporting our shared goals of economic stability and sustainable, job-rich, and inclusive medium-term growth for Egypt.”
International Monetary Fund statement, March 23, 2022.