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).