{"id":16254,"date":"2023-05-10T12:51:59","date_gmt":"2023-05-10T12:51:59","guid":{"rendered":"https:\/\/eces.org.eg\/views-on-the-crisis-egypts-external-position\/"},"modified":"2023-08-09T13:09:21","modified_gmt":"2023-08-09T13:09:21","slug":"views-on-the-crisis-egypts-external-position","status":"publish","type":"post","link":"https:\/\/eces.org.eg\/en\/views-on-the-crisis-egypts-external-position\/","title":{"rendered":"Views on the Crisis &#8211; Egypt\u2019s External Position"},"content":{"rendered":"\n<p><strong>Introduction<\/strong><\/p>\n\n\n\n<p>The objective of this report is to study the impact of the Covid-19 pandemic crisis on Egypt\u2019s external sector and the external financing gap. Egypt\u2019s continued reliance on portfolio inflows to finance the external funding gap meant the Covid-19 shock wasbound to put further pressure on the balance of payments (BoP)which has been realized. A combination of a decline in tourism revenue due to the crisis and portfolio outflows from emerging markets has then led to a significant strain on Egypt\u2019s external accounts.<\/p>\n\n\n\n<p>In reaction to the crisis and the induced pressure on the BoP, the government sought assistance from the International Monetary Fund (IMF). In May 2020, The IMF Executive Board approved funding of USD 2.8 billion in emergency support to address the Covid-19 pandemic. Furthermore, in June 2020, the IMF approved a 12-month stand-by arrangement, with total access of USD 5.2 billion to address the BoP financing needs.<\/p>\n\n\n\n<p>In this report, we discuss likely trajectories for Egypt\u2019s external accounts as the crisis unfolds. We also present deeper-level analysis of the root causes of Egypt\u2019s external sector vulnerability in recent years. Viewing the current crisis as yet another opportunity to effect macroeconomic reforms, we propose policy measures to address vulnerabilities in Egypt\u2019s external sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction The objective of this report is to study the impact of the Covid-19 pandemic crisis on Egypt\u2019s external sector and the external financing gap. Egypt\u2019s continued reliance on portfolio inflows to finance the external funding gap meant the Covid-19 shock wasbound to put further pressure on the balance of payments (BoP)which has been realized. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[],"class_list":["post-16254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-view-on-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Views on the Crisis - Egypt\u2019s External Position - ECES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eces.org.eg\/en\/views-on-the-crisis-egypts-external-position\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Views on the Crisis - Egypt\u2019s External Position - ECES\" \/>\n<meta property=\"og:description\" content=\"Introduction The objective of this report is to study the impact of the Covid-19 pandemic crisis on Egypt\u2019s external sector and the external financing gap. Egypt\u2019s continued reliance on portfolio inflows to finance the external funding gap meant the Covid-19 shock wasbound to put further pressure on the balance of payments (BoP)which has been realized. 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