Egypt to receive $368 million loan from AMF to strengthen the country’s financial situation in the context of COVID-19 – Economy – Business
File photo: The building of the Arab Monetary Fund (AMF). Ahram
An agreement on the loan was signed on January 26 between the governor of the Central Bank of Egypt Tarek Amer and the managing director chairman of the board of directors of the MFA Abdulrahman A. Al Hamidy.
In this regard, the AMF stated that it is closely following the evolution of the Egyptian economy and the challenges it faces due to the current circumstances, and is working through a fruitful partnership with the Egyptian government to help the countries to contain the various challenges in the most effective way. .
The fund noted that it is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in the face of the ongoing challenges caused by COVID-19, through a number of means, including financing needs of balance of payments and public budgets, as well as trade finance through its affiliate, the Arab Trade Finance Programme.
In addition, promoting policy dialogue and consultation on economic, financial and development issues through various forums and activities is one of the roles of the Fund, in addition to providing technical advice to member countries in the economic, fiscal and financial policies, and to provide training to government officials in member countries through its Institute for Training and Capacity Building.
The AMF is currently reviewing financing requests from other member countries and processing requests through fast-track procedures, through which borrowing member countries can meet financing needs and improve their financial position to meet various challenges.
In August 2021, the AMF remitted to Egypt the second tranche of the Fund’s loan agreed in July 2020 under a structural adjustment facility in the public finance sector.
The $282 million tranche of the $639 million loan is intended to mobilize resources to help Egypt implement economic and financial reforms and build resilience to various challenges amid the coronavirus pandemic. COVID-19.
In November 2012, the AMF’s Arab Economic Outlook report predicted that Egypt’s real GDP growth would reach 5.4% in 2022 provided the global economy recovers, which would bolster tourism and tourism. external demand in the country.
The report expects Egypt’s economic growth to continue its strong pace despite the COVID-19 crisis.