The Arab Monetary Fund extends to the Arab Republic of Egypt a new loan, within the framework of the Structural Adjustment Facility, with an amount of Arab Accounting Dinar 153.475 million, the equivalent of approximately USD 639 million...

29-07-2020

The Arab Monetary Fund extends to the Arab Republic of Egypt a new loan, within the framework of the Structural Adjustment Facility, with an amount of Arab Accounting Dinar 153.475 million, the equivalent of approximately USD 639 million, to support a reform program in the public finance sector, in face of current circumstances  

 

The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.

The AMF is also keen to provide financial and technical support to its member countries during this period in particular, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects. The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak. 

In this context, the AMF extended a new loan to the Arab Republic of Egypt, within the framework of the Structural Adjustment Facility, with the amount of Arab Accounting Dinar 153.475 million, the equivalent of approximately USD 639 million, to support a reform program in the public finance sector, in face of current circumstances. The loan agreement was signed on 21 July 2020, by HE Dr. Rania A. Al-Mashat, Minister of International Cooperation, on behalf of the Arab Republic of Egypt, and HE Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of Executive Directors of the AMF, on behalf of the AMF.  

The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times.

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