Egypt received the second tranche of the Arab Monetary Fund (AMF) loan agreed in July 2020 as part of a structural adjustment facility in the public finance sector.
The $282 million tranche of the $639 million loan is meant to avail resources to help Egypt implement economic and financial reforms and strengthen its resilience to various challenges amid the COVID-19 pandemic, the AMF announced.
Another AMF loan is on the table to support the country’s financial position, the fund said, adding that the procedures will be completed shortly.
The AMF said it is keen to support the efforts of its member countries to implement economic, financial, and structural reforms in the face of various challenges through a number of facilities, including financing the needs of the balance of payments and public budgets, as well as financing trade through its Arab Trade Financing Programme.
The fund said it plays a role in promoting policy dialogue and consultation on economic, financial, and developmental issues through its various forums and activities. It also provides technical consultation to member countries on economic, fiscal, and financial policies, and trains government officials at its Institute for Training and Capacity Building.
“The AMF follows closely developments in the Egyptian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Egyptian government to help the country contain different challenges in the most effective way,” stated the AMF.