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 Türkiye firms face wave of closures amid economic reckoning Egypt’s central bank leaves overnight interest rates steady Egypt central bank expands lending to government, but inflation slows Pakistan eyes $4bn from Middle East banks to plug financing gap, says central bank chief