After months of talks, Egypt’s government and the International Monetary Fund are in the final stages of a new loan to alleviate the economic strains caused by the Russia-Ukraine War.
However, no additional data has been released on how much Egypt may borrow nor the duration of the loan
Goldman Sachs Group Inc. expected that Egypt might require a $15 billion package to meet its financial needs. But, Minister of Finance Mohamed Maait said in a TV interview on “Al Qahirah wa Al Nas” that the number was “totally inaccurate” and confirmed Egypt is asking for less.
Egypt started talks with the IMF in March 2022 to secure financial assistance to mitigate the global economic shocks caused by the Russia-Ukraine war.
Over the past seven years, Egypt has requested funds from the IMF several times.
Egypt borrowed $2.8 billion in May 2020 for emergency financial assistance, and another $5.2 billion in June 2020 as part of the Stand-by Arrangement to address balance-of-payments issues.
In 2016, Egypt received a $12 billion loan from the IMF to fund its economic reform program.
Reporting and video production by Nour Eltigani.