아프리카ㆍ중동

On November 11, 2016, the International Monetary Fund (IMF) and Egypt signed a $12 billion loan agreement with the aim of “addressing macroeconomic vulnerabilities and promoting inclusive growth and job creation.”[1] Prior to the IMF program, these vulnerabilities included an overvalued exchange rate (and the corresponding rise of a parallel, or black market, exchange rate); foreign exchange scarcity, which severely undermined private sector activity; a dramatic drop in foreign exchange reserves; large fiscal deficits; and a high level of public debt.