Saturday July 13th, 2024
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IMF Considers Expanding Egypt's USD 3 Billion Loan Program

The decision came in light of the severe economic challenges the country is grappling with during the Israeli war on Gaza.

Cairo Scene

IMF Considers Expanding Egypt's USD 3 Billion Loan Program

The International Monetary Fund (IMF) is considering expanding Egypt’s USD 3 billion loan program by an unspecified amount, due to the severe economic challenges the country is facing during the Israeli war on Gaza.

Covering a four-year period, the loan programme enables Egypt to receive USD 3 billion over eight instalments. However, Egypt has yet to fulfil the reviews required as per the terms of the loan agreement.

According to reports from the Central Bank of Egypt (CBE), Egypt witnessed a surge in tourism revenues during the fiscal year 2022/2023, surmounting a record of USD 13.6 billion, which marked an increase of 26.8% compared to the previous year’s earnings of USD 10.7 billion.


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