Government obtains $373 million in financing from the Arab Monetary Fund

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On Thursday, the Egyptian government approved obtaining $373 million in the Arab Monetary Fund financing.

The cabinet issued a statement in which it said that the funding comes to contribute to overcoming the negative repercussions of the Coronavirus pandemic.

On Friday, the International Monetary Fund released its World Economic Prospects report, which forecasts inflation rates in Egypt with a pessimistic view. The fund raised its inflation forecast for the current year from 6.3% to 7.5%. Over the next five years, expectations rose from 7.1% to 7.4%.

The Central Bank of Egypt had announced that the external debt rose by 22 billion dollars in one year, at a rate of approximately 17.9%, to a record 145 billion and 529 million dollars at the end of December 2021, compared to 123 billion and 490 million dollars at the end of December 2020. In the fourth quarter of last year, the external debt witnessed a rise of 8.109 billion dollars, representing an increase of 5.9% in three months.