Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt:
KEY ISSUES The 2014 Article IV consultation takes place when the authorities have started to address longstanding economic challenges. For a number of years Egypt has suffered from low and non-inclusive growth and from high unemployment. Since 2011 these problems have been compounded by large fiscal...
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Format: | Elektronisch E-Book |
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Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
20150211
|
Ausgabe: | International Monetary Fund. Middle East and Central Asia Dept. ed |
Schriftenreihe: | IMF Staff Country Reports
Country Report No. 15/33 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
Zusammenfassung: | KEY ISSUES The 2014 Article IV consultation takes place when the authorities have started to address longstanding economic challenges. For a number of years Egypt has suffered from low and non-inclusive growth and from high unemployment. Since 2011 these problems have been compounded by large fiscal deficits and rising public debt and by external fragility evidenced by loss of foreign exchange reserves. In 2014, Egypt adopted a new constitution and elected a new president who was candid with the electorate on the need to reform the economy. The government has developed a plan centered on structural reform and investment promotion to raise growth and create jobs, and fiscal adjustment to bring the budget deficit and public debt under control. Crucially, the authorities have already begun to implement fuel subsidy reform, raising prices by 40�80 percent in July 2014. They have also begun the reforms needed to raise tax revenue and to make Egypt a more attractive destination for investment. There was agreement that the authorities' objectives are ambitious but are broadly within reach with steady policy implementation. The authorities aim to raise growth to 6 percent per annum, reduce annual inflation to 7 percent, bring down the fiscal deficit to 8 percent of GDP and debt to 80�85 percent of GDP, and increase foreign exchange reserves to 3� months of imports, all within the next five years. Staff considers these objectives appropriately ambitious, although targeting a higher level of reserves would be prudent. It believes that the authorities' policies, if followed steadfastly, are broadly consistent with these objectives, but noted that a number of policies�including the details of some fiscal measures and structural measures to improve the business environment�are still being formulated. The authorities and the staff differed somewhat on the extent of vulnerabilities and risks. The authorities are confident that they will be able to follow through on their policies and that improved confidence will lead to a surge in foreign investment, a pickup in tourism, and strong economic growth. Staff emphasized that the authorities' policies would still leave significant vulnerabilities, namely high public debt and large financing gaps, which would need to be covered by greater adjustment or financing, or a combination of the two. Staff also pointed to the difficulty of maintaining tight fiscal and monetary policies over a long period, the risks of dilutio ... |
Beschreibung: | 1 Online-Ressource (71 p) |
ISBN: | 148433776X 9781484337769 |
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520 | 3 | |a KEY ISSUES The 2014 Article IV consultation takes place when the authorities have started to address longstanding economic challenges. For a number of years Egypt has suffered from low and non-inclusive growth and from high unemployment. Since 2011 these problems have been compounded by large fiscal deficits and rising public debt and by external fragility evidenced by loss of foreign exchange reserves. In 2014, Egypt adopted a new constitution and elected a new president who was candid with the electorate on the need to reform the economy. The government has developed a plan centered on structural reform and investment promotion to raise growth and create jobs, and fiscal adjustment to bring the budget deficit and public debt under control. Crucially, the authorities have already begun to implement fuel subsidy reform, raising prices by 40�80 percent in July 2014. | |
520 | 3 | |a They have also begun the reforms needed to raise tax revenue and to make Egypt a more attractive destination for investment. There was agreement that the authorities' objectives are ambitious but are broadly within reach with steady policy implementation. The authorities aim to raise growth to 6 percent per annum, reduce annual inflation to 7 percent, bring down the fiscal deficit to 8 percent of GDP and debt to 80�85 percent of GDP, and increase foreign exchange reserves to 3� months of imports, all within the next five years. Staff considers these objectives appropriately ambitious, although targeting a higher level of reserves would be prudent. It believes that the authorities' policies, if followed steadfastly, are broadly consistent with these objectives, but noted that a number of policies�including the details of some fiscal measures and structural measures to improve the business environment�are still being formulated. | |
520 | 3 | |a The authorities and the staff differed somewhat on the extent of vulnerabilities and risks. The authorities are confident that they will be able to follow through on their policies and that improved confidence will lead to a surge in foreign investment, a pickup in tourism, and strong economic growth. Staff emphasized that the authorities' policies would still leave significant vulnerabilities, namely high public debt and large financing gaps, which would need to be covered by greater adjustment or financing, or a combination of the two. Staff also pointed to the difficulty of maintaining tight fiscal and monetary policies over a long period, the risks of dilutio ... | |
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id | DE-604.BV048355325 |
illustrated | Not Illustrated |
index_date | 2024-07-03T20:13:36Z |
indexdate | 2024-07-10T09:35:46Z |
institution | BVB |
isbn | 148433776X 9781484337769 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033734593 |
open_access_boolean | |
owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
physical | 1 Online-Ressource (71 p) |
psigel | ZDB-1-IMF |
publishDate | 2015 |
publishDateSearch | 2015 |
publishDateSort | 2015 |
publisher | International Monetary Fund |
record_format | marc |
series2 | IMF Staff Country Reports |
spelling | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt International Monetary Fund. Middle East and Central Asia Dept. ed Washington, D.C International Monetary Fund 20150211 1 Online-Ressource (71 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports Country Report No. 15/33 KEY ISSUES The 2014 Article IV consultation takes place when the authorities have started to address longstanding economic challenges. For a number of years Egypt has suffered from low and non-inclusive growth and from high unemployment. Since 2011 these problems have been compounded by large fiscal deficits and rising public debt and by external fragility evidenced by loss of foreign exchange reserves. In 2014, Egypt adopted a new constitution and elected a new president who was candid with the electorate on the need to reform the economy. The government has developed a plan centered on structural reform and investment promotion to raise growth and create jobs, and fiscal adjustment to bring the budget deficit and public debt under control. Crucially, the authorities have already begun to implement fuel subsidy reform, raising prices by 40�80 percent in July 2014. They have also begun the reforms needed to raise tax revenue and to make Egypt a more attractive destination for investment. There was agreement that the authorities' objectives are ambitious but are broadly within reach with steady policy implementation. The authorities aim to raise growth to 6 percent per annum, reduce annual inflation to 7 percent, bring down the fiscal deficit to 8 percent of GDP and debt to 80�85 percent of GDP, and increase foreign exchange reserves to 3� months of imports, all within the next five years. Staff considers these objectives appropriately ambitious, although targeting a higher level of reserves would be prudent. It believes that the authorities' policies, if followed steadfastly, are broadly consistent with these objectives, but noted that a number of policies�including the details of some fiscal measures and structural measures to improve the business environment�are still being formulated. The authorities and the staff differed somewhat on the extent of vulnerabilities and risks. The authorities are confident that they will be able to follow through on their policies and that improved confidence will lead to a surge in foreign investment, a pickup in tourism, and strong economic growth. Staff emphasized that the authorities' policies would still leave significant vulnerabilities, namely high public debt and large financing gaps, which would need to be covered by greater adjustment or financing, or a combination of the two. Staff also pointed to the difficulty of maintaining tight fiscal and monetary policies over a long period, the risks of dilutio ... Online-Ausg http://www.elibrary.imf.org/view/IMF002/22342-9781484337769/22342-9781484337769/22342-9781484337769.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_auth | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_exact_search | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_exact_search_txtP | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_full | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_fullStr | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_full_unstemmed | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_short | Arab Republic of Egypt: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Arab Republic of Egypt |
title_sort | arab republic of egypt 2014 article iv consultation staff report press release and statement by the executive director for the arab republic of egypt |
url | http://www.elibrary.imf.org/view/IMF002/22342-9781484337769/22342-9781484337769/22342-9781484337769.xml |