Home Industry Finance Egypt gets $616m loan from Arab Monetary Fund The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt by Bloomberg July 31, 2023 Image: Arab Monetary Fund The Arab Monetary Fund (AMF) is extending a $616m loan to Egypt to help improve the efficiency of the cash-strapped North African nation’s financial and banking sectors. The AMF, a regional development body dedicated to providing financial stability in member nations, said the agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in the North African country, according to a statement Friday. Egypt – IMF review Egypt is awaiting a review by the International Monetary Fund about a 46-month, $3bn rescue program, though it may be dependent on the country enacting more wide-ranging reforms pledged in return, Bloomberg News reported earlier this year. The IMF deal is a vital component of Egypt’s efforts to turn around an economy that was tipped into crisis in the aftermath of the Russia-Ukraine crisis. The country is experiencing its worst foreign-currency crunch and fastest inflation rate in years. Tags Arab Monetary Fund Egypt foreign exchange crisis IMF inflation 0 Comments You might also like UAE interest rates remain unchanged amid Fed rate decision IMF approves $1.1bn funding tranche to help Pakistan’s economy IMF says Egypt to address central bank overdrafts, off-budget activity IMF cuts MENA growth outlook on geopolitical tensions, trade disruptions