IMF sees 6.4% growth in Egypt’s GDP in FY2021/22

The International Monetary Fund (IMF) expected that Egypt’s gross domestic product (GDP) will grow by 6.4 percent within the financial year 2021/2022.

Egypt managed to implement economic reforms, correcting large external and local imbalances, 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 , 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 decline 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 .