Ahmad 
Egyptian Finance Minister Mohamed Maait expects Egypt to receive $3 billion in financing from the World Bank, as part of an expected $20 billion financing package from the International Monetary Fund (IMF) for the country.
The Egyptian minister’s statement came after a series of economic turmoil in the country recently, explaining that Egypt aims to keep the debt ratio below 90% of GDP, taking into account that the primary surplus is represented in the revenues collected after deducting expenses and debt service provisions.
The Egyptian government’s negotiations with the International Monetary Fund ended with an agreement to increase the original loan amount from three billion dollars to about eight billion dollars, and this agreement is a test of Egypt’s debt sustainability, restoring price stability, and strengthening the exchange rate regime, which has been subject to sharp volatility over the past weeks.
Maait explained that it is expected to invest one trillion Egyptian pounds (about $ 20.2 billion) as public investments during the next fiscal year 2024-2025.
Regarding the International Monetary Fund (IMF) loan, Maait confirmed that it comes with a repayment period of three years, amounting to 8 billion dollars. The first tranche of this loan will be disbursed after the approval of the Fund’s Executive Board in the coming days.
The minister’s comments come four days after the Egyptian pound was devalued to around 50 pounds to the dollar and raised overnight key interest rates by 600 basis points.