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Wednesday, 21 October 2020

Germany to provide Egypt with $250 mln in 2018 to plug budget deficit

The loan is part of the external financing stipulated by the $12 bln IMF Extended Fund Facility agreement

Ahram Online , Monday 9 Oct 2017
Germany
The German Ambassador to Cairo Julius Georg Luy speaking at the press conference on 9 October, 2017 (Photo: facebook.com/german.embassy.cairo/)
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The German government allocated $250 million in 2018 to plug Egypt’s budget deficit, German ambassador to Cairo Julius Georg Luy said in a press conference Monday, Ahram Arabic news website reported.
 
The German loan is part of the external funding to help Egypt close the financing gap in its budget, which is stipulated by the 2016 $12 billion IMF Extended Fund Facility agreement.
 
Egypt’s overall budget deficit fell to to 10.8% of GDP in FY2016/17, from 12.5% of GDP in FY2015/16.
 
The primary deficit decreased to 1.8% of GDP in FY2016/17, from 3.5% of GDP in FY2015/16.
 
The German ambassador Luy also said Germany's Economic Cooperation and Development Minister is in Cairo to meet with President Abdel Fattah El Sisi and Investment and International Cooperation Minister Sahar Nasr, and to visit Siemens’ gas-fired combined-cycle power plant in Beni Suef.
 
On tourism, the ambassador said the number of German tourists who visited Egypt this year reached 720k tourists, an 85% increased compared to the same period last year.
 
The “German week” will kick off in the Nile Delta on 29 October, until 2 November, in cooperation with 10 German institutions, hosting a number of cultural events, the minister noted.
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