The Arab Monetary Fund (AMF) has extended a new compensatory loan to Egypt of Arab Accounting Dinar 87.7 million, the equivalent of approximately $368m.
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 AMF closely follows 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 the different challenges in the most effective way.
It is also 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 means, including financing the needs of the balance of payments and public budgets and financing trade through its affiliate Arab Trade Financing Programme.
Additionally, it promotes policy dialogue and consultation on economic, financial, and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal, and financial policies, and providing 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 particular in light of the developments taking place due to the coronavirus pandemic, and the ensuing economic and financial repercussions in different aspects.
The fund’s 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 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.
