World Bank to discuss five-year program for Egypt in March
Updated 2/15/2023 8:11:00 AM
Arab Finance: The World Bank’s board will hopefully discuss a five-year program for Egypt on March 21st for approval, the bank’s Vice President for MENA Ferid Belhaj told Reuters on February 14th.
The international financial institution has already committed $900 million to the North African country this fiscal year, Belhaj added on the sidelines of the World Government Summit in Dubai.
“[The world Bank] will see how things go — we may commit more,” he said.
Regarding reforms in the MENA region, he noted "It is not going as far as you want it to go, but I see it," "Unfortunately, progress, because of what's happening in the world, sometimes backtracks a bit. But that's life."
Moreover, Belhaj expressed the World Bank’s concerns in the MENA region, particularly in Lebanon and Tunisia, and to a lesser extent in Egypt and Jordan.
He also referred to some tensions faced by these countries, including debt levels and soaring inflation.
"The role of the state in the economy, generally in MENA, has always been a matter of concern for us," he said.
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