Egyptian Finance Minister emphasizes importance of IMF extended credit facility
Date
3/31/2024 3:47:25 AM
(MENAFN) Egypt's Minister of Finance, Mohamed Maait, emphasized the significance of the International Monetary Fund's (IMF) decision to approve an extended credit facility for Egypt's economic reform program, increasing financing from USD3 billion to USD8 billion. Maait underscored that this approval reflects the importance of implementing corrective measures to steer the Egyptian Economy on a positive trajectory.
In a statement issued on Saturday, Maait elaborated on the implications of the IMF's approval, noting that it grants Egypt access to the "Resilience and Sustainability" Fund. This enables the country to seek long-term financing at highly favorable rates for climate projects totaling USD1.2 billion. The minister highlighted that the economic reform program, supported by the IMF, is geared towards restoring economic stability and enjoys backing and additional financing from various financial institutions and international development partners, amounting to over USD20 billion. Additionally, the "Ras El Hekma" deal provides an additional USD35 billion, further alleviating long-term financing constraints.
Maait stressed the Egyptian government's commitment to swiftly revitalizing economic activity through policies aimed at stimulating the private sector. These measures are intended to spur growth and employment, with initiatives set to be integrated into this year's budget. The minister emphasized the pivotal role of the private sector in driving economic growth and job creation. Moreover, efforts will be directed towards revitalizing the productive, industrial, and export sectors to foster development and expand employment opportunities.
The IMF's approval of the extended credit facility underscores Egypt's commitment to implementing comprehensive economic reforms aimed at achieving sustainable growth and stability. By leveraging financial support from international partners and instituting pro-growth policies, Egypt aims to overcome economic challenges and foster a conducive environment for investment and development.
MENAFN31032024000045015682ID1108040443
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.