Easy repayment plan for Egypt loan with a grace period of 10 years: IMF – Egypt Today

Easy repayment plan for Egypt loan with a grace period of 10 years: IMF – Egypt Today

CAIRO - 7 November 2022: “Egypt has obtained a soft payment plan for the $3 billion new program it reached with the International Monetary Fund (IMF),” The IMF’s Managing Director, Kristalina Georgieva stated.

Georgieva added in a TV interview after her meeting with President Abdel Fattah El-Sisi on Sunday that the payment terms for the loan are that Egypt will obtain a 10-year grace period, provided that it will take another 10 years to repay the principal. and interest.

"I applauded Egypt’s commitment to strong policies to shield its economy from successive global shocks. Bold reforms will help secure a more inclusive & sustainable future for its people. We’re keen to work with Egypt on its climate agenda,” Georgieva tweeted after the meeting with the president.

Great to meet Pres @AlsisiOfficial at #COP27. I applauded Egypt’s commitment to strong policies to shield its economy from successive global shocks. Bold reforms will help secure a more inclusive & sustainable future for its people. We’re keen to work w/ 🇪🇬 on its climate agenda. pic.twitter.com/YOSdQDPI3P— Kristalina Georgieva (@KGeorgieva) November 6, 2022

Georgieva commented: “The decision to float the pound was a smart move.” She added, “If you try to protect the local currency, you are draining