The Arab Monetary Fund, AMF, has allocated a credit line worth $282 million to Egypt to help the Arab republic implement economic and financial reforms and overcome various challenges, the financial institution said in a statement.
The Abu Dhabi-headquartered organization said it is the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted with the Egyptian government on July 21, 2020.
“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 different challenges in the most effective way,” the AMF said.
Egypt, the monetary fund also noted, will shortly receive another loan earmarked to support the country’s financial position. Egypt’s economy, like many economies around the world, has been severely affected.
Arab Monetary Fund loans Egypt $282m to implement economic, financial reforms
