{
  "title": "Statement by IMF Managing Director Kristalina Georgieva on Egypt",
  "publication": "IMF News, April 26, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/04/24/pr20188-egypt-statement-by-imf-managing-director-kristalina-georgieva",
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  "summary": "Press Release No. 20/188",
  "publishDate": "2020-04-26",
  "sections": [
    {
      "heading": "Press release metadata",
      "content": "- Press Release No. 20/188\n- Date: April 26, 2020\n- Issued by: IMF Communications Department\n- Press officer: Randa Elnagar\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org"
    },
    {
      "heading": "Economic impact and government response",
      "content": "- “Like many countries around the world, Egypt’s economy has been impacted by the COVID-19 outbreak, the related global recession, and financial markets turmoil.”\n- Government actions:\n  - “President El Sisi and his Government have responded quickly and decisively with measures to limit its spread and provide support to affected people and businesses.”\n  - “The Central Bank of Egypt has also implemented timely measures to support the domestic economy.”"
    },
    {
      "heading": "IMF financial support requested",
      "content": "- Instruments requested by the Central Bank and the Government of Egypt:\n  - Rapid Financing Instrument (RFI)\n  - Stand-By Arrangement (SBA)\n- Purpose of the RFI:\n  - “The emergency financing under the RFI will allow the government to address any immediate balance of payments needs and support the most affected sectors and vulnerable groups of people.”\n- Timing:\n  - “I expect the request for the RFI to be presented to the IMF’s Executive Board within the next few weeks.”"
    },
    {
      "heading": "Stand-By Arrangement (SBA) engagement",
      "content": "- IMF staff engagement:\n  - “My staff is also working with the Egyptian government to support its strong set of macroeconomic policies through an SBA.”\n- Objectives of the SBA-supported package:\n  - “We fully support the government’s aim to safeguard the significant gains made under the successfully completed three-year Extended Fund Facility last year.”\n  - If approved, the package would:\n    - “help strengthen confidence in the Egyptian economy,”\n    - “make further progress to protect the most vulnerable,” and\n    - “provide the basis for a strong economic recovery.”\n  - Additional intended effect:\n    - “It would also help accelerate Egypt’s reform efforts aimed to support broad-based, job-rich and sustainable growth.”"
    },
    {
      "heading": "Key statements (direct quotes)",
      "content": "- “Like many countries around the world, Egypt’s economy has been impacted by the COVID-19 outbreak, the related global recession, and financial markets turmoil.”\n- “The emergency financing under the RFI will allow the government to address any immediate balance of payments needs and support the most affected sectors and vulnerable groups of people.”\n- “I expect the request for the RFI to be presented to the IMF’s Executive Board within the next few weeks.”\n- “My staff is also working with the Egyptian government to support its strong set of macroeconomic policies through an SBA.”\n- “We fully support the government’s aim to safeguard the significant gains made under the successfully completed three-year Extended Fund Facility last year.”\n- “It would also help accelerate Egypt’s reform efforts aimed to support broad-based, job-rich and sustainable growth.”\n\nStatement by IMF Managing Director Kristalina Georgieva on Egypt, April 26, 2020\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Arab Republic of Egypt and the IMF\n- Press Releases\n- PRESS CENTER\n- Egypt\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/04/24/pr20188-egypt-statement-by-imf-managing-director-kristalina-georgieva"
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    "Published: April 26, 2020",
    "Press Release No. 20/188",
    "Date: April 26, 2020",
    "Issued by: IMF Communications Department",
    "Press officer: Randa Elnagar",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "“Like many countries around the world, Egypt’s economy has been impacted by the COVID-19 outbreak, the related global recession, and financial markets turmoil.”",
    "Government actions:",
    "Instruments requested by the Central Bank and the Government of Egypt:",
    "Purpose of the RFI:",
    "Timing:",
    "IMF staff engagement:",
    "Objectives of the SBA-supported package:",
    "“Like many countries around the world, Egypt’s economy has been impacted by the COVID-19 outbreak, the related global recession, and financial markets turmoil.”",
    "“The emergency financing under the RFI will allow the government to address any immediate balance of payments needs and support the most affected sectors and vulnerable groups of people.”",
    "“I expect the request for the RFI to be presented to the IMF’s Executive Board within the next few weeks.”",
    "“My staff is also working with the Egyptian government to support its strong set of macroeconomic policies through an SBA.”",
    "“We fully support the government’s aim to safeguard the significant gains made under the successfully completed three-year Extended Fund Facility last year.”",
    "“It would also help accelerate Egypt’s reform efforts aimed to support broad-based, job-rich and sustainable growth.”",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Egypt](https://www.imf.org/en/Countries/EGY/Egypt-qandas)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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