The International Monetary Fund (IMF) announced this Thursday (27) that it will provide around US$ 5 billion in credit to Egypt in the 2022/23 fiscal year. $3 billion will be released through the Extended Fund Facility (EFF), which will demand “comprehensive policies and reforms” from the country.
The Egyptian authorities have even requested additional funding under the newly created Resilience and Sustainability Facility (RSF), which could release up to US$1 billion for Egypt.
According to the IMF, the package’s objective will be to help Egypt balance its balances of payments and budgets, as well as maintain economic stability, “drive deep structural and governance reforms to promote growth” and improve Egypt’s resilience to external shocks.
“The program will include policies to trigger private sector growth, including reducing the presence of the state, adopting a more robust competition framework, increasing transparency and ensuring improved trade facilitation,” said Ivanna Vladkova Hollar, head of the IMF in Egypt. .
Source: CNN Brasil
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