IMF new loan a certificate of trust: to Egypt’s economy: Suez Canal Bank chairman

The International Monetary Fund’s (IMF) executive board approval for a new loan agreement is a certificate of trust for Egypt’s economy, said chairman of Suez Canal Bank on Sunday.

Hussein Refaie further told Amwal Al Ghad that this milestone will help Egypt receive more foreign investments, boost its dollar liquidity and thereby overcome the spillovers of the Russian war in Ukraine.

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.