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Egypt to receive $3 billion loan from World Bank: Finance minister

Reuters , Wednesday 14 Oct 2015
Finance Minister Hany Kadry
File Photo: Egypt's Finance Minister Hany Kadry (Photo: AP)
Views: 1817
Views: 1817

Egypt will receive a $3 billion loan from the World Bank in instalments over the next three years to support the state's budget, the finance minister said on the sidelines of an economic conference on Wednesday.

"The government is aware of the economic conditions which we're passing through, and there is a deficit in the budget and we have to handle it gradually," the prime minister said in separate remarks at the same conference.

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14-10-2015 02:02pm
The lesser of 2 evils
Objectively, Egypt has only 2 options, in the short-term, to fill the deficit gap; a loan with cribbing interest to the limited FX, or ground troops in Yemen! Longer term Egypt has to develop and execute a meaningful economic plan, for once, to lighten the load on its fiscal problems, but for now this is the lesser of the 2 evils!
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