Minister: IMF praises have positive impacts on investment climates in Egypt
Saturday، 19 December 2020 - 10:49 PM
Finance Minister Mohamed Maait said Saturday 19/12/2020 that the International Monetary Fund’s (IMF) praises would have positive impacts on the investment climate in Egypt.
Maait said in a statement that such praises would contribute to attract more investments, sustain GDP growth, as well as reducing debts and deficit, which could enable the country to increase its spending on improving the people’s standard of living, the services provided, protecting the vulnerable citizens, and supporting the sectors, badly hit by the outbreak of coronavirus.
The IMF approval on releasing its second tranche of aid is seen as a new testimonial from the international institutions and rating agencies on Egypt’s success in managing the coronavirus crisis, Maait added.
IMF has completed the first review of Egypt’s reform program, allowing the country to draw dlrs 1.67 billion under a stand by arrangement (SBA).
In June, IMF board approved a one-year 5.2 billion dollars facility for Egypt, as the latest disbursement brings the total funds released under the 12-month SBA to 3.6 billion dollars.
Earlier, Bloomberg said in a report that Egypt has been resilient to the impact of the coronavirus with great success to book a place among the ten fastest growing countries this year, with 1.9% growth.