The fund indicated in its newly issued Arab Economic Outlook 2022 Report that the Egyptian economy achieved a growth of 3.3% during FY2020/21 as a result of the recovery of the tourism sector, the revenues of which grew during the first half (1H) five-fold from the same period of the previous FY to achieve about $5bn.
The agreement was signed last Wednesday by Tarek Amer, the Governor of the Central Bank of Egypt (CBE), and Abdulrahman A. Al-Hamidy, the Chairperson of the AMF, with the aim to provide financial support to strengthen the country’s financial position and meet emergency needs.
The meeting discussed the pandemic’s threat to financial stability, according to three scenarios; that the crisis would continue until the end of the first half of 2020, it would last through the end of the year, or it would carry into 2021.
Arab economies likely to grow by 2.5% in 2019, 3% in 2020, says AEO report
Fund expects Egypt`s inflation to drop to 13.5% next year, down from 18% recorded this year
Egypt has obtained loans from the Arab Monetary Fund worth $1.6bn through 13 loan agreements since the bank’s foundation in the 1970s. The total loans provided by the fund to its members amount to $8.2bn
AMF loans amount to $1.6bn and $68,000 for service fees, says El-Gohary
The loan is worth $243m with an interest rate of 1.2% and 0.25% service fee, says El Araby
Al-Hamidy explained that enhancing growth opportunities of these states is linked to continuing structural reforms, in order to improve the business environment, which attracts more local and foreign investments and works on increasing productivity and competitiveness.
CAIRO: Egypt will receive $200 million to support its budget from the Abu Dhabi-based Arab Monetary Fund (AMF) this month and a second tranche of financing worth $270 million in December, a minister said on Wednesday. Egypt has so far received $1 billion in budgetary support from Gulf states to help to cover its deficit …
