Egypt eyes loans from 3 financial institutions to finance budget deficit, Faiza Abul Naga

Dr. Faiza Abul Naga, minister of international cooperation, said that Egyptian government has requested loans in value to $4.7 billion from International Monetary Fund (IMF), World Bank, and African Development Bank to get the needed cash liquidity to finance investment projects, boost Egypt’s economy and bridge the finance gap resulted from the $ 11 billion budget deficit.

Abul Naga affirmed in the joint meeting, which was not allowed for parliamentary journalists, between the economic committee and budget committee in the presence of Minister of Finance Momtaz El-Saeed and Central Bank of Egypt Governor Farouk El-Okda said that advancing in the loan’s procedures does not necessarily mean it will be approved, especially that this loan necessitates preparing a certain legislation, and to be submitted to the supreme bodies and then the Parliament could approve it or not, Ahram reported.

The committee members stressed on the necessity to restructure the public debt and to take all needed procedures to support the Egyptian economy by solving the cash liquidity problem and to promote the most important sectors: tourism, transformative industries and construction.