ABSTRACT
The govemment of Egypt has been implementing stabilisation and structural adjustment measures since the mid-1980s\ often without formal agreement with the IMF or the World Bank. A stand-by arrangement concluded vvith the IMF in May 1987 collapsed soon aftervvards. Despite some interruption, the implementation of stabili sation measures continued. It vvas only in 1991 that Egypt reached formal agreements vvith the two Bretton Woods institutions: a stand-by arrangement (SBA) vvith the Fund in May, and a structural adjustment loan (SAL) vvith the Bank in November. The set of measures supported by the SBA and the SAL together form the backbone of Egypt’s so-called economic reform and structural adjustment programme (ERSAP).