Egypt announces reaching $3 billion loan deal with IMF
In a press conference held on Thursday in Cairo, Egypt’s Minister of Finance Mohamed Maait explained that the IMF’s $3 billion loan is a part of a $9 billion finance scheme that is expected to include one billion dollars from the sustainbility fund and $5 billion by the country’s development partners.
Prime Minister Mostafa Madbouly, Minister of planning and Economic Development hala El-Said and the Governor of the Central Bank of Egypt Hassan Abdalla attended the conference.
"The programme aims to provide Egypt with balance of payments and budget support while catalyzing additional financing from Egypt’s international and regional partners to maintain economic stability, address macroeconomic imbalances and spillovers from the war in Ukraine, protect livelihoods, and push forward deep structural and governance reforms to promote private sector-led growth and job creation," according to IMF Mission Chief for Egypt Ivanna Vladkova Hollar.