Facilitating private sector-led growth in Egypt is crucial, says IMF

The International Monetary Fund (IMF) recently approved a deal that will provide a $3bn support package to Egypt over a period of almost four years, with the agreement expected to draw in an additional $14bn in financing for the North African nation.

To find out more about the details of the IMF programme with Egypt, and the country’s expected economic performance, Daily News Egypt spoke to IMF Senior Resident Representative in Egypt Said Bakhache.

Could you give us an overview of the IMF’s programme for Egypt? What are the steps that the Egyptian government now has to take?

On 16 December, the Executive Board of the IMF approved Egypt’s request for a 46-month arrangement under the Extended Fund Facility for an amount of about $3bn. The first disbursement under the programme of about $347m will be made within the next few days. The remaining amount is expected to be disbursed over the duration of the programme in equal tranches. The IMF-supported programme is expected to catalyse additional financing from international and regional partners.