CAIRO – 26 May 2021: The International Monetary Fund (IMF) and Egypt reached a staff-level agreement on the second review of Egypt’s economic program supported by the IMF’s $5.2 billion Stand-by Arrangement. This came after an International Monetary Fund (IMF) team led by Celine Allard held a virtual mission from May 4 to 24, 2021 with the Egyptian authorities. The mission held discussions on the 2021 Article IV Consultation with Egypt and the second review of Egypt’s economic program supported by the IMF’s 12-month Stand-by Arrangement. Inflation continued to be subdued with March outturn (4.5 percent) breaching the lower inner bound of the monetary policy consultation clause. “We welcome the CBE’s readiness to act as necessary to support economic recovery amid muted inflation.

Source: Egypt Today May 26, 2021 12:44 UTC