2019-06-27 08:04:41date was

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  • International Monetary Fund: Egypt Is Less Dependent on External Funds Compared to Other Countries


    Good news folk, we are great at one more thing. The Egyptian Senior Resident Representative of the International Monetary Fund (IMF), Reza Baqir, told Daily News Egypt that the country is less dependent on external financing, compared to other countries, during the Euromoney Egypt 2018 press conference.

    Also, another person from the World Bank (WB), Ashish Khanna, agreed with Baqir’s statement, adding that currently Egypt’s debt is at 60% of the gross domestic product (GDP).

    So basically, we don’t take much loans from other countries/organisations, and this is a plus for Egypt’s economy.

    Around 2 years ago, Egypt took a $12bn loan from the IMF to enact its reform program and improve Egypt’s economic situation, with policies of cutting subsidies and more, until the loan is paid in full.

    The Euromoney Egypt is an annual conference held to bring economy experts, businessmen, ministers and representatives of the government to discuss market opportunities and connect.