CAIRO - 2 April 2024: Egypt’s net foreign assets (NFAs) recorded LE 678.988 billion in February, down from LE 896.121 billion at the end of January, a reduction of LE 217.1 billion ($7.04 billion), the Central Bank of Egypt (CBE) provided this data.
This decline was primarily driven by a $5 billion payment received from the sale of development rights to Ras El Hekma.
The CBE data also reveals that as of the end of February, the CBE held foreign assets amounting to LE 1.059 trillion, while banks held foreign assets totaling LE 515.442 billion.
Prime Minister, Mostafa Madbouly, recently announced that Egypt is scheduled to receive the second installment of funds from the Ras El Hekma deal, totaling $20 billion, in early May.
This follows a previous disbursement of $10 billion and the conversion of $11 billion in UAE deposits at the CBE into local currency, as per the terms of the agreement.
Earlier this week, the Head of the International Monetary Fund (IMF) mission to Egypt, Ivanna Vladkova Holla, stated that the third review of Egypt's economic reform program is expected to conclude by the end of June 2024. Following the completion of the review, a new tranche of the loan, amounting to a maximum of $820 million, will be disbursed.
Holla emphasized that a total of 8 reviews are scheduled under the loan program with Egypt, taking place every 6 months starting from the fourth review onwards.
Consequently, a disbursement of $1.3 billion will be made based on these reviews, with the final review of the program anticipated to conclude in the autumn of 2026.
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