1:18 pm
Thursday 15 December 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 would approve a loan to Egypt at its meeting tomorrow , Friday.
Azour explained that external shocks required the existence of measures to protect its economy, changing the monetary policy environment to make it more flexible, with the need to continue working to expand social safety nets in Egypt.
The scary statement came with the International Monetary Fund including Egypt on the agenda for tomorrow’s meeting to approve a $3 billion loan directly from it, a loan that will pave the way for Egypt to get 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 get 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 finance minister, said in previous press releases that Egypt will receive 1.6 billion dollars from development partners by the end of next June as part of the financing package concluded with the Bottom.
Kujok identified these funding from 3 international financial 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, emphasizing that the rest of the funding package will come from the issuing bonds and sukuk in international markets.
