The International Monetary Fund announced on Tuesday that its executive board has completed the fourth review of Egypt's $8 billion Extended Fund Facility loan, allowing the country to immediately draw about $1.2 billion.
This brings the total disbursements under the programme, approved in December 2022, to about $3.2 billion.
The IMF board also approved Egypt's request for a new $1.3 billion arrangement under the Resilience and Sustainability Facility to support reforms addressing climate change. More details on the RSF programme will be announced later, the fund said in a statement on Tuesday evening.
According to the IMF review, Egypt's authorities have made progress in stabilising the economy and rebuilding market confidence amid a challenging external environment marked by regional conflicts and trade disruptions in the Red Sea.
Gross domestic product growth has shown signs of recovery, inflation is moderating and foreign reserves are at adequate levels.
But the IMF noted that progress on structural reforms has been mixed, hindering growth prospects and private sector development. High debt levels and substantial financing needs also continue to pose significant medium-term fiscal challenges.
"Strengthening fiscal sustainability requires both effective domestic revenue mobilisation and a comprehensive debt management strategy," IMF deputy managing director Nigel Clarke said in a statement.
He said decisively reducing state participation and levelling the playing field will enable the private sector to become the primary engine of growth.
The IMF's assessment comes as Egypt's annual headline inflation dramatically fell from 24 per cent in January to 12.8 per cent in February, hitting the lowest level since March 2022, according to data released last week.
But economists cautioned that the sharp drop was largely due to a favourable base effect and that challenges and uncertainty remain.
Experts pointed to potential inflationary pressures from subsidy cuts expected this year, the possibility of the Gaza war resuming, and economic measures by the new US administration that could raise import prices for Egypt.
The Central Bank of Egypt has also kept interest rates unchanged at high levels since March 2024. This was one of the IMF's main recommendations to cool the country's economy.
Egypt turned to the IMF for support after Russia's invasion of Ukraine sparked a foreign currency crisis. It devalued its currency by nearly 70 per cent since March 2022 until finally turning to what the government says is a flexible exchange regime early last year.
However, the government's claim has been repeatedly contested by experts, with economic analyst Moustafa Badrah telling The National that there is a consensus among economists that the currency continues to be "managed" by the government.
The IMF said in Tuesday's statement that the move to a flexible exchange rate system since early 2024 has continued to produce positive results, but continuing vigilance is needed to consolidate this reform.
Looking ahead, the IMF emphasised that despite progress, risks remain significant for Egypt's economic outlook due to potential external shocks and domestic policy implementation.
Regional conflicts, global trade disruptions, domestic reform challenges and limited competition all threaten to undermine Egypt's growth and stability in the medium-term. In addition, carefully managing the social costs of needed fiscal reforms will be key.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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