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12-01-23
IMF: Egypt requires funding from foreign institutions to reach USD17B investment gap
(MENAFN) Egypt is going to require to raise investments from its worldwide associates to end a USD17 billion financing gap in the upcoming years, as reported by the International Monetary Fund.
The Washington-located lender agreed on a 46-month deal of USD3 billion below the Extended Fund Facility for the North African nation to sustain macroeconomic steadiness, regain buffers as well as open the way for complete as well as private sector expansion.
The policy package backed by the EFF targets to launch substantial additional investment from Egypt’s associates, involving non-traditional funds in the form of investments.
Egypt is dealing with massive balance of payments weights, such as spillovers from the conflict in Ukraine. Specifically, the conflict has led to lower tourism receipts and an upper food import bill. It also triggered a big capital outflow due to the authorities’ stabilization of the trading level, which caused big reserve decreases.
Overall, there is a forecasted financing shortage of USD17 billion that is going to need to be finalized with official investment, including from the Fund.
MENAFN12012023000045014228ID1105418558
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