Cabinet denies rumors on new IMF loan to Egypt

CAIRO – 7 July 2019: The Cabinet’s Media Centre denied on Saturday rumors about Egypt seeking to get a new International Monetary Fund (IMF) loan after the 1^st $12 billion loan.

The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program.

“Such news reports are baseless,” the center stressed in its statement, adding such reports aim at shaking confidence in the recovery of the Egyptian economy.

The statement further stressed that Egypt’s economy is noticeably getting improved and more stable, with the certification of all international institutions, and there is no need to obtain any new loans.

The ministry added that the Egyptian economy is now in a better shape and has recovered the confidence of investors and international institutions in the light of the reform measures, which contributed to the improvement of macroeconomic indicators and increase in the flow of domestic and foreign investments.