Deputy Director of the IMF’s (International Monetary Fund) Middle East and Central Asia Department, Ratna Sahay, announced the draft for the $3 billion support to Egypt. The 12-month stand-by arrangement shall support Egypt’s transition towards democracy.
The agreement was announced on June 5 in Cairo and will act as an instrument for job generation, economic recovery, financial assistance for low-income households and economic stability.
"Following a revolution and during a challenging period of political transition, the Egyptian authorities have put in place a home-grown economic program with the overarching objective of promoting social justice”, Ratna Sahay added.
IMF announced last month that it will be able to provide up to $35 billion of financial aid to the MENA region in the next five years. Since the Arab revolution, Egypt is the first to receive financial support in the region.
IMF Managing Director John Lipsky stated, “I welcome the commitment of the Egyptian authorities to lasting change and structural reform at this historic moment for the country. We are optimistic that the program’s objective of promoting social justice, fostering recovery, maintaining macroeconomic stability, and generating jobs will bring positive results for the Egyptian people. I look forward to recommending it to the IMF’s Executive Board next month”.