President Abdel Fattah Al Sissi’s Egypt is still expected to receive $ 2 billion from the IMF. The disbursement to be approved by the board of directors of the fund is part of the $ 12 billion program concluded in November 2016 for this country.
The new envelope will bring disbursements to Egypt to $ 10 billion. During its tour of the country, in October 2018, the IMF noted an acceleration of growth to 5.3% and a drop in unemployment below the 10% threshold as well as a control of macroeconomic ratios. Remittances from diaspora funds combined with increased tourism receipts contribute to this balance.
The country, which has adopted a painful austerity cure and let its currency float (depreciated by 50% since), is reaping the results (but at what price) of its perseverance.
