The Arab Monetary Fund (AMF) provided, on 12 August, Arab Accounting Dinar 65.775m (approximately $282m) to the Egyptian government as the second tranche of a loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted on 21 July 2020.
The tranche aims to avail resources to help the country implement economic and financial reforms, while strengthening its resilience to various challenges.
AMF is keen to support the efforts of its member countries to implement economic, financial, and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program.
In addition, the Fund plays a role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal, and financial policies. It also provides training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects. The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.
The AMF follows closely the developments of 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. In this respect, the AMF is studying another loan for the Arab Republic of Egypt to support the country’s financial position. The procedures for granting the loan will be completed shortly.
The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times.
