Egypt signed agreement with IMF

12/17/2022

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2022.12.17 01:43

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Egypt's new IMF agreement aims to reduce government debt - cabinet
Egypt signed agreement with IMF

Budrigannews.com – According to a cabinet report released on Saturday, Egypt’s new $3 billion financial support package from the International Monetary Fund (IMF) aims to reduce government debt to less than 80% of GDP in the medium term.

According to the report, the new program aims to strengthen the social protection network for citizens. According to the report, the fund did not require the Egyptian government to cut spending on subsidies.

The IMF executive board has approved a $3 billion financial support package for Egypt that will last for 46 months and will, according to the board, lead to about $14 billion in additional funding.

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