IFE head: IMF deal testament to strength of Egypt’s economy

By Yomna Yasser On Dec 19, 2022

GIG Insurance – Egypt — Alaa el-Zoheiry, chairman of the Insurance Federation of Egypt (IFE) and managing director of GIG-Egypt (Photo Credit: Amwal Al Ghad)

The International Monetary Fund’s (IMF) new loan agreement is a certification of confidence and a testament to the strength of the Egyptian economy given the recent economic reforms and infrastructure projects, said head of Egypt’s insurance federation (IFE).

Alaa El-Zoheiry, who is also CEO of GIG-Egypt, further told Amwal Al Ghad that the deal reflects the IMF officials’ trust in the recent economic measures implemented by the Egyptian government.

On Friday, IMF board approved a 46-month $3 billion financial support package for Egypt.

“Egypt’s IMF-supported programme presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.” the IMF added in a statement.

Over the course of the programme, the IMF said it will catalyse additional financing of about $14 billion from Egypt’s international and regional partners.