Egypt's new IMF agreement aims to reduce government debt - cabinet
- Country:
- Egypt Arab Rep
The new International Monetary Fund (IMF) $3 billion financial support package for Egypt aims to reduce government debt to less than 80% of the gross domestic product (GDP) in the medium term, a cabinet report released on Saturday said.
The fund didn't require the Egyptian government to cut spending on subsidies, the report said, adding the new programme aims to strengthen the social protection network for citizens.
The IMF executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion.
ALSO READ
-
From Oil Shale to Wind Power: Estonia’s High-Stakes Plan for Cheaper, Secure Electricity
-
Colombia's IMF Gamble: Can Fiscal Reform Restore Confidence Without Sacrificing Economic Growth?
-
From Market Access to Market Power: What African Firms Need to Capture AfCFTA’s Trade Gains
-
Too Many Homes, Too Little Spending: Inside China’s Deepening Housing and Consumption Divide
-
AfDB selects four green hydrogen projects of $20 million grants in Africa
Google News