The International Monetary Fund approved Egypt's request to obtain 5.2 billion dollars according to the credit preparedness.
According to Arabia Net, Egypt requested the loan to meet the urgent balance of payments needs caused by the outbreak of the new Corona virus.
The International Monetary Fund, in a statement, stated that the $ 5.2 billion credit preparedness financing package supports Egypt's efforts to maintain macroeconomic stability, while the shock of the emerging Corona pandemic is continuing. In pushing forward major structural reforms, according to the Middle East News Agency.
He added, that the credit preparedness program aims to protect the gains made by Egypt over the past three years, and paves the way for promoting a sustainable recovery and enhancing the pace of growth, be higher and more inclusive and create job opportunities on Medium term.
The International Monetary Fund praised the track record of Egypt in completing the national economic reform program within the financing program that runs between November 2016 and November 2019.
He stressed that Egypt is one of the fastest growing emerging markets before the emerging Corona pandemic.
In its statement, the Fund pointed out that the new financing package enhances spending in the health and social sectors, improves financial transparency, and pushes more reforms to stimulate growth led by the private sector, as well as to protect stability. Money while maintaining a flexible exchange rate.
The Egyptian government had announced earlier this month that it had reached an agreement with the IMF team for an expert-level agreement on a 12-month credit agreement in the amount of $ 5.2 billion. The IMF stated at the time, that the agreement sets the stage for presentation to the Fund's Executive Board to obtain its final approval of the agreement and the amount of funding required, according to a statement by the Egyptian Ministry of Finance.
The Ministry of Finance in the Egyptian government said that the announcement of this agreement represents the continued confidence of international institutions, especially the International Monetary Fund, in economic policies, both monetary and financial, followed by the Egyptian authorities and in the The Egyptian state deals with the consequences of the Corona pandemic.
She explained that the current crisis resulting from the repercussions of the spread of the Corona virus was strong on all economies of the world, pointing out that the Egyptian economy was able to absorb part of the effects peace. >
