Egypt may receive more funds from IMF amid economic challenges

Due to the economic impact of the Gaza crisis, the IMF is seriously considering a possible increase in the loan programme for Egypt, which is currently three billion dollars, according to its director Kristalina Georgieva. 

Georgieva added in statements published by Reuters, on the sidelines of the Asia-Pacific Economic Cooperation Summit from Nov. 11 – 17, that the war in Gaza is destroying the population and economy of the Strip. 

She also said that the Gaza conflict has a “serious effect” on the West Bank’s economy and poses difficulties for the neighboring countries, such as Egypt, Lebanon and Jordan, who may face lower tourism income and higher energy expenses. 

Egyptian Prime Minister Moustafa Madbouly stated on Saturday that the currency-related crisis that Egypt is going through “will end soon, but what is most important is what comes after that.” 

He further added: “our goal today as a country is to encourage new factories that will reduce the import bill and the demand for the dollar, as this will contribute to ending the crisis and economic problems. I am speaking to all Egyptian industrialists, as the crisis that Egypt is witnessing today represents a passing crisis”.