Parliament approves $330 million Arab Monetary Fund loan

in BreakingNews @en by

Egypt Economy continues its process toward an economic stabilization with the approval of the last loan from Arab Monetary Fund. The House of Representatives ratified Presidential Decree No. 144 of 2017 concerning the approval of the third compensatory loan contract between the Egyptian government and the Arab Monetary Fund, signed on December 7, 2016. The main goal of this loan is to provide foreign exchange resources and to support overall deficit in Egypt’s balance of payment. The loan reach $332 millions, and Egypt is committed to paying 1.61 percent per annum in interest on the loan.

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