The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
The United Arab Emirates welcomed joint cooperation between the Arab Republic of Egypt and the International Monetary Fund (IMF) in light of the agreement reached by the two parties.
The UAE affirmed its support for efforts by the Arab Republic of Egypt to implement the necessary economic and structural reforms to ensure the preservation of strong, balanced, and sustainable growth in a manner that ensures Egypt’s economic and financial stability and promotes additional investment opportunities, growth, and prosperity.
Ivanna Vladkova Hollar, IIMF Mission Chief for Egypt, has announced that the Egyptian authorities and the IMF team have reached a staff-level agreement on the economic policies to be supported by a 46-month arrangement under the Extended Fund Facility (EFF).
“The new EFF, with a requested access of about $3 billion, aims to provide Egypt with balance of payments and budget support while catalysing additional financing from Egypt’s international and regional partners to maintain economic stability, address macroeconomic imbalances and spillovers from the war in Ukraine.
, protect livelihoods, and push forward deep structural and governance reforms to promote private sector-led growth and job creation.
The agreement is subject to approval by the IMF’s Executive Board, which is expected to discuss the authorities’ request in December,†Hollar said at a press conference held jointly with Dr. Mostafa Madbouly, Prime Minister of Egypt, Dr. Mohamed Maait, Egyptian Minister of Finance, and Hassan Abdullah, Acting Governor of the Central Bank of Egypt (CBE).