Daily Management Review

Egypt Received Another ‘$1 Million’ Support From World Bank For Recovering From Economic Hit


03/24/2017


Government of Egypt continues to take simultaneous steps besides gathering funds to strengthen its economy.



Egypt Received Another ‘$1 Million’ Support From World Bank For Recovering From Economic Hit
From the “$3 billion” Loan Programme that exists between the World Bank and Egypt, the former has just “disbursed another $1 billion” as “financial assistance” to the latter, revealed the bank statement in the start of this week.
 
Following the revolt of 2011 that gave way to “political upheaval”, Egypt has been in negotiations trying to acquire “billions of dollars” from “various lenders” in an attempt to “revive an economy hit”. Moreover, this has also taken the shortage of dollar problem in account which has “crippled imports” whereby hampering the recovery of Egyptian economy.
 
In the statement of the World Bank’s director of “Egypt, Yemen and Djibouti”, Dr. Asad Alam, stated:
“The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth”.
 
The first of the transaction of loan amount was in the in the year of 2015 to Egypt, while two more of the same amount are were to be followed to support the “additional reforms” planned by the government. When, there was a deficit in the budget amount, the government of Egypt under took “a series of painful economic reforms” besides taking measures to cut down on “fuel subsidies”, introducing a “new value-added tax (VAT)” and allowing “its currency” to float “freely in the foreign exchange market” in the month of November for attracting “foreign inflows”.
 
Moreover, Reuters also informed that:
“Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, told Reuters this month that Cairo's next set of economic reforms should focus on making its bureaucracy more transparent for investors”.
 
While, the finance minister, Amr El-Garhy, told Reuters that Egypt is likely to get the “second tranche” amounting to “$12 billion” from the “International Monetary Fund loan” in the coming month of May or June.
 
 
 
 
 
References:
http://www.reuters.com







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