08:51 PM
Wednesday 23 March 2022
I wrote – Shaima Hefzy:
Egypt has formally submitted a new request to the International Monetary Fund for a comprehensive economic program, according to a statement from the Fund today, Wednesday.
About six years ago, Egypt began cooperating with the International Monetary Fund, and obtained a loan of regarding $12 billion in 2016 as part of the economic reform program.
Then, last year, as a result of the repercussions of the Corona crisis, it obtained a loan with the rapid financing mechanism of $ 2.77 billion.
Then another loan under the Credit Standby Program of $5.2 billion.
In addition to these loans, last August, Egypt received $2.8 billion in support from the Special Drawing Appropriations that the Fund distributed to member states in order to face the repercussions of Corona, which contribute to supporting international reserves at the Central Bank.
