Arab Monetary Fund lends Egypt $368M to counter coronavirus repercussions

CAIRO - 30 January 2022: The Arab Monetary Fund announced the provision of a new compensatory loan to Egypt worth 87.7 million dinars, equivalent to about $368 million, with the aim of containing the effects of the Corona virus and providing financial resources to support the financial situation of the state, meet urgent needs and face the current economic challenges.

 

The Fund said in a statement published on its website that the agreement was concluded last Wednesday, and was signed by the Governor of the Central Bank of Egypt (CBE), Tarek Amer, and General Director and Chairman of the Fund's Board of Directors, Abdel Rahman bin Abdullah Al-Hamidi.

 

The fund added that it closely follows the developments of the Egyptian economy and the challenges it faces as a result of the current circumstances, and is working through a fruitful partnership with the Egyptian government to provide the most effective ways to confront various challenges.

 

The Fund is interested in providing financial and technical support to its member states during this period in particular in light of the developments taking place due to the Covid-19 virus, and its repercussions on the economic and financial levels in its various aspects, to  stimulate the economy and provide liquidity with the aim of containing the negative effects of the virus outbreak, according to the statement.

 

It is keen to support the efforts of its member states to implement economic, financial and structural reforms and face various challenges, through a number of means, including providing financing to meet the needs of balances of payments and public budgets, and financing trade through the affiliated Arab Trade Finance Program.

 

According to the statement, the Fund is currently studying requests from a number of other member states to benefit from its financial resources, and is working to complete procedures in this regard, in order to ensure the provision of support as quickly as possible, and in a manner that enables member states to meet financing needs and enhance their financial positions to meet various challenges, especially at times like these.