Cairo: The International Monetary Fund is trying to increase loan programs for neighboring Egypt, which has suffered financial consequences in the Israeli-Palestinian conflict. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said that the conflict between the two countries has created an economic impact on the neighboring countries.
Managing director Kristalina Georgieva told Reuters the IMF had decided to increase the country’s $3 billion loan program because of Egypt’s financial difficulties.
Apart from Egypt, neighboring countries like Lebanon and Jordan also suffered economic and social losses, Kristalina Georgieva said. Georgieva added that the tourism sector and the energy sector have become insecure.
Georgieva’s remarks were made during an interview given during the Asia-Pacific Economic Cooperation APEC summit held in San Francisco. The APEC summit was attended by 21 members, including the United States, China and Russia. But there was a difference of opinion at the summit over Israel’s attack on Gaza.
Egypt approached the IMF for a new loan due to the rise in wheat and oil prices following Russia’s war in Ukraine. Reuters also reported that Egypt suffered a setback in the tourism sector from the large markets of Ukraine and Russia.
Last month, the IMF agreed to provide loans to Egypt. The objective of the loan is to develop the private sector. The IMF had informed that the credit policy would include things like increasing the country’s signature in trade, adopting a strong competition framework, increasing transparency and ensuring better trade facilitation.
Content Highlight: I.M.F with more loans to Egypt
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2023-11-18 15:59:00
