Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Madbouli: 1st Batch of IMF Loan Arrives in Egypt Next Week

Sun 31 Mar 2024 | 11:37 AM
Ahmed Emam

Egypt's Prime Minister Mostafa Madbouli announced on Saturday that the first installment of the International Monetary Fund (IMF) loan, which has been increased from $3 billion to $8 billion, is due to arrive in Egypt next week. Madbouli made this announcement during his visit to several factories in the 10th of Ramadan City. He also stated that the second installment of the Ras El Hekma deal is scheduled to arrive in May.

Madbouli further added that the government, along with the Central Bank of Egypt, had taken all necessary measures to secure the required amount of dollars for the productive sectors. The government's main focus is on meeting the basic needs and production requirements, as well as ensuring the availability of raw materials to boost the Egyptian economy.

The Prime Minister also commented on the issue of prices, stating that he had discussed the matter with the Federation of Egyptian Chambers of Commerce (FEDCOC) and supply chains. He assured that efforts are underway to address the issue of price cuts.

He revealed that the government aims to achieve a 15-20 percent growth in annual exports, which currently stands at $53 billion, and to exceed $145 billion by 2030. He emphasized that the Egyptian economy would return to normal by the end of this year.

In the same context, Madbouli mentioned that the Suez Canal Economic Zone (SCZone) had recently signed contracts worth billions of dollars with global investors. These contracts will lead to the creation of thousands of job opportunities.

The Prime Minister commented that the dollar crisis is almost over, and he has been monitoring the inflows of foreign exchange with the CBE governor on a daily basis. However, he highlighted the fact that it would take some time for everything to return to normal.