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Egypt Receives $1.7 Billion from Arab Countries and IMF Confirms Requests

© Reuters

Investing.com – The economy received an Arab boost with $1.7 billion in short-term deposits from Qatar and Libya.

Data from the Central Bank of Egypt revealed that Egypt obtained a deposit of one billion dollars from the State of Qatar, bringing the total short-term Qatari deposits in Egypt to 4 billion dollars. It also obtained 700 million dollars from Libya at the end of last year, bringing the total short-term Libyan deposits to 900 million pounds.

Short and long term deposits in Egypt

Thus, the total short-term deposits from Arab countries to the Central Bank of Egypt reached 14.9 billion dollars, up by 1.7 billion since last September. As for long-term deposits, they stabilized at $15 billion.

The Gulf deposits, which the Arab countries agreed to renew until the end of Egypt’s program with the International Monetary Fund, included $4 billion for Kuwait divided into two deposits, the first due in September 2023 and the second in April 2024, $5.7 billion in UAE deposits, and $5.3 billion in deposits. Saudi.

The IMF.. What is required now?

Positive news is issued by the IMF about the deferred review procedures with Egypt, which were scheduled for last March, but were postponed due to the slow pace of Egyptian reform procedures.

The International Monetary Fund stated today that the talks with Egypt are encouraging and that the Egyptian authorities wish to move forward with the program agreed upon with the Monetary Fund, according to which a total of $3 billion will be distributed until the end of 2024.

The Deputy Managing Director of the IMF, Antoine Sabeh, who visited Egypt recently, said that the fund is expected to start these efforts by the Egyptian government in the coming weeks, noting that she believes that these efforts will yield tangible results that will be implemented over the coming weeks.

And she stressed the importance of those efforts to restore confidence, and make sure that we are currently at the stage where the next and subsequent review is completed in a timely manner, continuing: “These efforts will work to restore confidence, and make sure that we are at the stage where the next review and subsequent reviews are completed.” right on time”.

Sabih focused on reducing the size and role of the state in the economy, to ensure competitive neutrality between private investment and state-owned companies.

She said that the program requires the sale of a number of state assets, as well as ensuring high demand for the economy, following up: “The pressure on prices that comes from the strong implementation of projects is very large, and it is contained by reducing the pace of implementation of those projects, in addition to the permanent transition to a price system.” Flexible exchange in Egypt, in order to eliminate the issue of foreign currency shortage that we see

2023-06-11 10:48:00
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