Egypt receives $3 billion from IMF

Reading Time: 1 minute

Egypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt.

Egypt’s government is facing a decrease in revenue along with an increase in expenditures in an effort to right the wrongs of the previous regime.  It has an estimated $5.5 billion deficit in balance of payments, so the IMF aid package will help drive that down to a manageable amount.  The deal is expected to be signed between now and Sunday.

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 1 minute

Egypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt.

Reading Time: 1 minute

Egypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt.

Egypt’s government is facing a decrease in revenue along with an increase in expenditures in an effort to right the wrongs of the previous regime.  It has an estimated $5.5 billion deficit in balance of payments, so the IMF aid package will help drive that down to a manageable amount.  The deal is expected to be signed between now and Sunday.

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid