Arab Monetary Fund lends Egypt $639m to boost public finance reforms – The National

Arab Monetary Fund lends Egypt $639m to boost public finance reforms – The National

In June, the IMF approved a 12-month, $5.2bn loan to help the country cope with challenges posed by the virus





























The Cairo skyline. Egypt received a $639 million credit facility from the Arab Monetary Fund. Reuters





















July 29, 2020



July 29, 2020













The Arab Monetary Fund is providing Egypt with a $639 million (Dh2.3 billion) credit facility to help the Arab world's most populous country reform its public finance sector amid the Covid-19 pandemic.



The loan is intended to support economic, financial and structural reforms, the fund said on Wednesday.



The AMF said financing balance of payments needs and public budgets, and financing trade through its affiliate, the Arab Trade Financing Programme, are among the other ways it is helping member countries face the current economic volatility.





"The AMF is keen to provide financial and technical support to its member countries “¦ in light of the developments taking place due to Covid-19, and the ensuing economic and financial repercussions,“ it said.



The AMF said it intends to further boost the measures taken