The International Monetary Fund (IMF) has agreed to lend Egypt $3 billion, over the next year, to help the North African nation’s economy recover from recent turmoil.
The IMF said that it received a request for a loan from Egypt last month. The nation is dependent on tourism for much of its economy, and tourism has declined since revolutions erupted across the nation in January.
“Following a revolution and during a challenging period of political transition, the Egyptian authorities have put in place a home-grown economic program with the overarching objective of promoting social justice,” said Ratna Sahay, IMF’s deputy director of the Middle East. “The measures are aimed at supporting economic recovery, generating jobs, and assisting low income households, while maintaining macroeconomic stability.”
Egyptian ministers said that the funds would help job creation and additional spending on infrastructure.
The loan carries interest of 1.5 percent and Egypt has three years and three months to pay it back.
According to an AFP report, Egyptian authorities announced that Saudi Arabia has committed a loan of $5 billion to the country, and Qatari authorities plan to invest around $10 billion into Egypt.
“Support from the international community will greatly facilitate the realization of the authorities’ economic objectives,” said Egyptian authorities in a statement from the IMF.
Photo Caption(s) & Photo Location(s)
The IMF said that it received a request for a loan from Egypt last month. The nation is dependent on tourism for much of its economy, and tourism has declined since revolutions erupted across the nation in January.
“Following a revolution and during a challenging period of political transition, the Egyptian authorities have put in place a home-grown economic program with the overarching objective of promoting social justice,” said Ratna Sahay, IMF’s deputy director of the Middle East. “The measures are aimed at supporting economic recovery, generating jobs, and assisting low income households, while maintaining macroeconomic stability.”
Egyptian ministers said that the funds would help job creation and additional spending on infrastructure.
The loan carries interest of 1.5 percent and Egypt has three years and three months to pay it back.
According to an AFP report, Egyptian authorities announced that Saudi Arabia has committed a loan of $5 billion to the country, and Qatari authorities plan to invest around $10 billion into Egypt.
“Support from the international community will greatly facilitate the realization of the authorities’ economic objectives,” said Egyptian authorities in a statement from the IMF.
Photo Caption(s) & Photo Location(s)
