CAIRO – 11 March 2024: Egypt close get a financing package $5 to $6 billion (equivalent to LE 246 to LE 296 billion) from the European Union in the near future, Minister of Finance, Mohamed Maait stated that during an interview with Ashraq Bloomberg.
In another interview with the same publication, Maait confirmed that Egypt is set to receive an additional $3 billion from the World Bank in the coming period.
These recent announcements provide further details to Maait's previous statement, where he mentioned that Egypt's collaboration with the International Monetary Fund (IMF) could secure a combined total of $20 billion in foreign assistance.
This amount includes around $11 billion from various international allies, such as the World Bank, European Union, Japan, and the UK.
Additionally, it encompasses the recently agreed upon $8 billion IMF package, as well as a potential allocation of $1-1.2 billion in climate finance through the Fund's Resilience and Sustainability Facility, which is currently under discussion.
He added that a portion of the European funds will be designated for the private sector, while another portion will be allocated to the state budget.
Furthermore, the minister recently revealed that Egypt's total budget deficit has increased by 6.7 percent of the country's gross domestic product (GDP) during the first eight months of the fiscal year 2023/2024, as of February 2024.
This represents a rise compared to 5 percent in the previous fiscal year, 2022/2023.
Maait shared this information during a press conference in Cairo on Sunday. He also mentioned that the primary surplus for the same period amounted to LE 193 billion, compared to LE 41.8 billion recorded a year ago.
Comments
Leave a Comment