Ashraf Al Araby, Minister of Planning and International Cooperation, said Egypt is currently fighting to regain stability and achieve development. The political conditions still govern the economic situation, he added, warning that the political instability will continue to hinder economic development, if it continues.
On the sidelines of a conference held yesterday, Al Araby affirmed that the latest political events will not directly affect the International Monetary Fund’s (IMF) approval to lend Egypt US$ 4.8 billion. IMF’s board of directors will decide whether to lend Egypt or not in its meeting on December 19th.
If approved, the first tranche of the loan, which is worth US$ one billion, will be disbursed within the next weeks, he noted. The total value of deposits and loans that Egypt seeks to receive will reach US$ 14.5 billion by the end of June 2014. Egypt is expected to receive US$ 10 billion during the current fiscal year.
Such finances are granted by a number of Arab and foreign bodies such as the African Development Bank, European Bank, European Union, USA, Qatar, Kingdom of Saudi Arabia and Turkey. Egypt seeks to receive loans and deposits in order to finance the widening budget deficit.
