Egypt Looking For $12bn IMF Loan

With the aim of implementing the government’s reform programme, Egypt is currently in negotiations to secure a loan of $12 billion from the International Monetary Fund for the past 3 months. The loan is expected to change the Egyptian economy and aid in creating a positive change.

The programme will last for 3 years and each scheme will require $7 billion each year which makes a total of $21 billion. Thus, they made the decision to take a loan of $12 billion.

The remaining $9 billion will be acquired by issuing international bonds, through the World Bank or by other sources e.g. privatizing six state-owned companies.

Egypt desires to prove to the world how reliable they can be.

The president of the council of Ministers called an immediate meeting with the governor of the central bank and Ministerial Economic committee to share recent developments in exchange markets, economic conditions, and finance. At the beginning of the meeting, they gave a review of the negotiations with the loan they’re seeking from IMF. Next, a plan was made to focus on the fund for the economic reform programme.

The budget speech was also discussed and figures were given.

There seems to be a high chance of them getting the loan.

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