IMF Egypt Review: International donors help trim financing gap

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Tue, 26 Sep 2017 - 02:49 GMT

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Tue, 26 Sep 2017 - 02:49 GMT

 IMF headquarters- Reuters

IMF headquarters- Reuters

CAIRO – 26 September 2017: Egypt has already secured its $2 billion financing gap for fiscal year 2017/18 through multilateral and bilateral financing, the International Monetary Fund (IMF) said in its Tuesday staff report review.

The gap was funded through $1 billion from the World Bank, $350 million from the African Development Bank (AfDB) and $600 million from G7 countries, the IMF said.

As for FY 2018/19, the fiscal gap was set to be higher “but can be covered with multilateral support and rollovers of some maturing liabilities and market financing,” the fund said, noting that financing assurances for the next fiscal year will be obtained during the third review.

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