Cairo – Mubasher: The International Monetary Fund (IMF) expects Egypt’s gross domestic product (GDP) to grow by 6.4% in fiscal year 2021/2022.
Egypt managed to implement economic reforms, correcting large external and local imbalances, the IMF said on Tuesday in a staff report for the country’s request for a $2.77 billion funding under the rapid financing instrument (RFI).
In response to the coronavirus crisis, the Egyptian government “acted swiftly to allocate resources to the health sector, provide targeted support to the most severely impacted sectors, and expand social safety net programs to protect the most vulnerable.”
The IMF’s emergency support will help the country limit the drop in international reserves and finance the budget deficit.
In May, Egypt obtained $2.772 billion under the RFI request to meet the urgent balance of payments needs in the face of the coronavirus.
