WASHINGTON, DC — The Executive Board of the
International Monetary Fund (IMF) on Friday approved a $3 billion loan to
Egypt, with an immediate disbursement of $347 million, the IMF said in a
statement.
اضافة اعلان
Egypt will benefit from the loan over 46 months
under the Extended Fund Facility (EEF). The agreement is for 2,350.17 million
SDRs, or Special Drawing Rights, an IMF unit of account based on a basket of
five major international currencies, equivalent to about $3 billion.
The loan was initially announced by the IMF on
October 27.
The financial support was granted in exchange for an
economic program aimed at “preserving macroeconomic stability, restoring shock
absorbers and paving the way for sustainable, inclusive and private sector-led
growth,” the Washington-based IMF said.
It mentions in particular “a permanent shift to a
flexible exchange rate regime,” as well as the implementation of a “monetary
policy aimed at gradually reducing inflation.”
The measures should also make it possible to reduce
the public debt, “while increasing social spending,” and to put in place
“far-reaching structural reforms.”
Egypt is expected to receive, through the EFF
program, about $14 billion in additional financing “from its international and
regional partners,” the IMF added.
The Russian invasion of
Ukraine has dealt Egypt
several hard blows. As the world’s largest importer of wheat, it has been hit
hard by soaring grain prices. It has also lost a good portion of its Ukrainian
and Russian tourists — 40 percent of the eight million visitors in 2021.
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