Egypt reveals a funding gap of $ 16 billion

The Egyptian government has revealed an external funding gap of $ 16 billion in about 4 years, but plans to reduce it and secure sufficient funds to fully cover its needs after the conclusion of the agreement with the International Monetary Fund, which could encourage overseas investors to pump new investments into the country.

Finance Minister Mohamed Maait confirmed that the International Monetary Fund’s $ 3 billion deal will meet Egypt’s funding requirements during the 46-month program period.

Sovereign Fund of Qatar, He deposited a billion dollars with the Central Bank of Egyptat a time when the gas-rich Gulf state is close to an agreement to acquire state stakes in some major companies.

Last October, Egypt accepted an International Monetary Fund bailout package, adopted a more flexible currency system and raised interest rates.

The urgency for the Egyptian economy to close the external financing gap is increasing, as high oil and commodity prices have severely affected one of the world’s largest grain importers and tourist losses from Russia and the rest of the world. Ukraine have reduced foreign exchange earnings. The conflict put pressure on the Egyptian pound and prompted it to seek assistance from the International Monetary Fund.

The Arab Gulf states have pledged more than $ 20 billion in deposits and investments to Egypt.