IMF considers possible hike in $3B loan program for Egypt: Georgieva

Updated 11/19/2023 7:01:00 AM
IMF considers possible hike in $3B loan program for Egypt: Georgieva

Arab Finance: The International Monetary Fund (IMF) is “seriously considering” a possible increase in the $3 billion loan program for Egypt, Managing Director of the IMF Kristalina Georgieva told Reuters in an interview.

This comes due to the economic challenges facing Egypt as a result of the Israel-Hamas conflict, Georgieva explained on the sidelines of the Asia Pacific Economic Cooperation summit.

In October, it was reported that Egypt is already in talks with the IMF to increase the value of the agreed-upon $3 billion loan program for the country to more than $5 billion.

The IMF approved the 46-month $3 billion loan to Egypt under the Extended Fund Facility (EFF) in December 2022.

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