IMF grants $4bn loan after review
The International Monetary Fund said in February 2019 that Egypt’s macroeconomic outlook remained favourable, supported by strong policy implementation as it con rmed the fourth $4bn tranche of lending. David Lipton, First Deputy Managing Director and Acting Chair of the Executive Board, said robust growth and a narrowing of the current account de cit re ected a rebound in tourism and strong remittances, while unemployment has declined to its lowest level since 2008. .However he warned that while the outlook remained favourable, a more di cult external environ- ment posed new challenges as global nancial conditions had tightened. The Egyptian govern- ment has no plans to seek a renewal of its $12bn nancing agreement from the IMF when the Extended Fund Facility expires in 2019. Finance Minister Mohamed Maait pointed to “some sort of cooperation” with the Fund. In December 2018 the World Bank agreed to fund a $1bn programme to support the next phase of the country’s reform programme. The government raised $4bn on the private capital marklets.