An official at the Monetary Fund expects to approve Egypt’s loan of 3 billion dinars

01:18 PM

Thursday, December 15, 2022

I wrote – Manal Al-Masry:

Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund, expected in an interview with CNBC Arabia that the fund’s board of directors would approve a loan to Egypt, during its meeting tomorrow, Friday.

Azour explained that external shocks required the existence of measures to protect the economy from it, changing the monetary policy environment to be more flexible, with the need to continue working to expand social protection networks in Egypt.

Fearful statement came with the International Monetary Fund including Egypt on its meeting schedule tomorrow to approve a $3 billion loan directly from it, a loan that will pave the way for Egypt to obtain another financing package of $6 billion, including $1 billion from its Sustainability Fund and $5 billion from international companies. And Flemim.

Finance Minister Mohamed Maait said last week that he hoped Egypt would obtain the first tranche of $750 million from the International Monetary Fund during the current month, following the approval of the International Monetary Fund at its meeting tomorrow.

On the other hand, Ahad Kujouk, Deputy Minister of Finance, said in previous press statements that Egypt will receive $1.6 billion from development partners before the end of next June as part of the financing package concluded with the Fund.

Kujok identified these financings from 3 international financing institutions, which are $1 billion from the International Monetary Fund, $400 million from the Asian Infrastructure Bank and more than $200 million from the African Development Bank, stressing that the rest of the financing package will come from issuing bonds and sukuk in international markets.

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