{
  "title": "Arab Republic of Egypt: 2017 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt",
  "publication": "IMF Staff Country Reports, January 22, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568",
  "overlayPath": "/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/index.md",
  "summary": "This 2017 Article IV Consultation highlights that Egypt’s reform program, supported by the Extended Fund Facility arrangement, has played a critical role in stabilizing the economy.",
  "sections": [
    {
      "heading": "Overview and key findings",
      "content": "- The 2017 Article IV Consultation highlights that Egypt’s reform program, supported by the Extended Fund Facility arrangement, has played a critical role in stabilizing the economy.\n- By the end of 2015/16, a long-standing and ultimately unsustainable policy mix had resulted in:\n  - low growth and investment,\n  - elevated general government debt,\n  - an overvalued exchange rate,\n  - a widening current account deficit,\n  - declining gross international reserves, and\n  - severe shortages of foreign exchange.\n- Egypt’s economic outlook is favorable, provided prudent macroeconomic policies are maintained and the scope of growth-enhancing reforms is broadened."
    },
    {
      "heading": "Macroeconomic outlook and risks",
      "content": "- Favorable outlook conditional on:\n  - maintaining prudent macroeconomic policies, and\n  - broadening the scope of growth-enhancing reforms.\n- Medium-term objective:\n  - sustain economic reform momentum to raise potential output and promote inclusive growth to create jobs for Egypt’s young and growing population."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- To sustain reform momentum, policy priorities in the medium term should aim to:\n  - raise potential output, and\n  - promote inclusive growth to create jobs for Egypt’s young and growing population."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Banking; Budget planning and preparation; Energy subsidies; Expenditure; Inflation; Prices; Public debt; Public financial management (PFM); Revenue administration\n- Keywords: authority; Budget planning and preparation; center; CR; economy; Egyptian pound; Energy subsidies; financial asset; Global; government procurement; Inflation; inflation expectation; ISCR; liberalized exchange rate regime; policy; state guarantee\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/bundle-manifest.json)",
    "Published: January 22, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484338117.002",
    "The 2017 Article IV Consultation highlights that Egypt’s reform program, supported by the Extended Fund Facility arrangement, has played a critical role in stabilizing the economy.",
    "By the end of 2015/16, a long-standing and ultimately unsustainable policy mix had resulted in:",
    "Egypt’s economic outlook is favorable, provided prudent macroeconomic policies are maintained and the scope of growth-enhancing reforms is broadened.",
    "Favorable outlook conditional on:",
    "Medium-term objective:",
    "To sustain reform momentum, policy priorities in the medium term should aim to:",
    "Subject: Banking; Budget planning and preparation; Energy subsidies; Expenditure; Inflation; Prices; Public debt; Public financial management (PFM); Revenue administration",
    "Keywords: authority; Budget planning and preparation; center; CR; economy; Egyptian pound; Energy subsidies; financial asset; Global; government procurement; Inflation; inflation expectation; ISCR; liberalized exchange rate regime; policy; state guarantee",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2018/cr1814.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2018/cr1814.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2018/cr1814.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/index.md",
    "json": "/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/index.json",
    "bundleManifest": "/en/publications/cr/issues/2018/01/22/arab-republic-of-egypt-2017-article-iv-consultation-second-review-under-the-extended-45568/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T21:18:26.715Z"
}