Sunday, 20 August 2017 11:16 p
The International Monetary Fund (IMF) is expected to distribute the first tranche of the International Monetary Fund’s loan to Egypt, worth $ 2 billion in December, from the second tranche of $ 4 billion to be received by Egypt, Finance Minister Amr al-Jarhi said on Sunday. Current financial year 2017 – 2018.
Minister of Finance Amr Al-Jarhi said in an exclusive statement to the “Seventh Day” that an IMF mission will carry out the review of Egypt’s economic program in November following the annual meetings of the IMF and the World Bank hosted by Washington, 2017.
The Minister of Finance pointed out that the disbursement of the second tranche of the IMF loan to Egypt for the current fiscal year will take place in June 2018 following the new review round in May 2018 following the Spring Meetings of the International Monetary Fund in April 2018, The total value of the first installment was disbursed in two tranches during the fiscal year 2016-2017, 4 billion dollars during the current fiscal year 2017-2018, and 4 billion dollars represents the last installment during the year. The new financial.
The Minister of Finance stressed that the technical impact of the International Monetary Fund (IMF) tranches for Egypt, and the largest financing in the Middle East, is to support foreign exchange reserves with the Central Bank of Egypt. As a source of funding for the state budget, and to finance the deficit of the state budget, as well as supporting the confidence of foreign investment in the Egyptian economy.
The “seventh day” was unique, weeks ago, with the approval of the Executive Board of the International Monetary Fund, at the headquarters of the Fund in the US capital Washington, after having discussed, discussed and agreed on the first review carried out for the achievement of the economic program for Egypt and approved the disbursement of the second tranche of the IMF loan to Egypt With a value of 1.2 billion dollars, within the financing of 12 billion dollars over 3 years, amid praise for the reforms implemented by the Egyptian government.
Finance Minister Amr Al-Jarhi said in a special statement to the seventh day that the second tranche of the International Monetary Fund’s loan of $ 1.25 billion has entered the foreign exchange reserves with the Central Bank of Egypt. , And the exchange rate of the dollar against the Egyptian pound currently 17.9 pounds to the dollar, that is equivalent to about 22 billion pounds as a source of financing the state budget, and to finance the budget deficit of the state.
The financing gap for Egypt over the next three years is estimated to be about $ 30 billion, at a rate of $ 10 billion per fiscal year, which is variable depending on the development of cash flows or the government’s funding needs. This funding gap will be bridged by $ 10 billion of foreign investment In addition to funding for the government’s economic program of 21 billion dollars over three years, at a rate of 7 billion dollars a year. The total funding includes 12 billion dollars from the International Monetary Fund over three years, and 3 billion dollars in international bonds issued by Egypt. , And 3 ml USD skills from the World Bank and $ 1.5 billion from the African Development Bank and $ 1.5 billion from other resources, including grants dollar assistance.