Latest news with #MohamedMaait
CairoScene
04-05-2025
- Business
- CairoScene
Egypt Has Repaid USD 10 Billion to IMF Since 2016
Egypt has received USD 28 billion in IMF support through three separate cooperation programs since November 3rd, 2016. May 04, 2025 Egypt has paid more than USD 10 billion to the International Monetary Fund (IMF), excluding interest, since it began receiving funding from the institution in 2016. The announcement was made by Mohamed Maait, the Executive Director representing the Arab Group at the IMF, in a press statement in Washington. The country has received a total of USD 28 billion in IMF support through three separate cooperation programs since November 3rd, 2016. The current USD 8 billion program is scheduled to continue through December 2026, although Egypt has so far received less than half of the total amount. Despite regional tensions and a sharp decline in Suez Canal revenues, Egypt has repaid a significant portion of its loans while boosting its foreign reserves to USD 47.4 billion. Foreign direct investment reached about USD 46 billion in 2024, supported by recent policy changes such as exchange rate unification and tax incentives. The IMF's Executive Board recently approved a USD 1.3 billion financing agreement focused on climate-related reforms. The Central Bank of Egypt is also navigating interest rate decisions cautiously following a rate cut last month, the first in nearly five years, as inflation fell to 13.6%. The IMF is preparing its fifth review of Egypt's program, with a USD 1.2 billion tranche expected afterward.
Egypt Independent
02-05-2025
- Business
- Egypt Independent
Egypt repays $10 billion to the International Monetary Fund
The Executive Director for the Arab Group at the International Monetary Fund (IMF), Mohamed Maait, stated that Egypt has repaid more than $10 billion to the Fund from the principal amount of previous financing it received, excluding interest. In statements made on Thursday, Maait clarified that the total financing related to cooperation programs between Egypt and the IMF, amounting to three financing programs since November 3, 2016, up to the present, has reached $28 billion, including the current program. He pointed out that the current cooperation program between the two sides is valued at $8 billion and ends at the end of December 2026, noting that Egypt has received less than half of its value so far, with approximately $5 billion remaining to be disbursed. He added that 'the world, through financial institutions and the international investment community, appreciates the Egyptian reform experience, which has enabled the Egyptian economy to withstand successive international and regional crises, the latest being the customs duties crisis imposed by the United States of America on many countries worldwide.' Maait affirmed that the next phase for the development of the Egyptian economy focuses on investment, growth, and employment, which will support the sustainability of GDP growth rates and increase export rates. In recent days, the International Monetary Fund disbursed the fourth tranche to Egypt, amounting to $1.2 billion, which has been deposited into the foreign currency reserves at the Central Bank of Egypt, according to Maait. He noted that the Fund's Executive Board approved a $1.3 billion financing program for Egypt in recent months from a special fund for climate financing, resilience, and sustainability, allocated to reforms related to climate change such as renewable energy, water, and the reduction of carbon emissions.
See - Sada Elbalad
01-05-2025
- Business
- See - Sada Elbalad
Egypt Repays Over $10 Billion to IMF, Says Executive Director
H-Tayea The Executive Director representing the Arab Group at the International Monetary Fund (IMF), Mohamed Maait, announced that Egypt has repaid over $10 billion in principal to the IMF as part of its cooperation programs since 2016, excluding interest payments. In press statements in Washington, Maait stated that the total value of Egypt's three financing programs with the IMF since November 3, 2016, has reached $28 billion, including the current program. He explained that the ongoing IMF program is valued at $8 billion and is set to run until the end of December 2026. Egypt has received less than half of the current program's funding to date, with around $5 billion remaining to be disbursed. Maait emphasized that the international financial community and global investors highly value Egypt's economic reform experience, which has enabled the country to remain resilient in the face of global and regional crises, including the recent wave of tariffs imposed by the United States on multiple countries. He further highlighted that the next phase for Egypt's economy will focus on investment, growth, and employment, aiming to ensure sustainable GDP growth and boost export volumes. The IMF Executive Board recently approved a $1.3 billion funding package for Egypt under the Resilience and Sustainability Facility (RSF), aimed at supporting climate-related reforms in renewable energy, water management, and carbon emission reduction. The fourth tranche of this package, totaling $1.2 billion, has already been disbursed and added to the Central Bank of Egypt's foreign currency reserves. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Zawya
04-04-2025
- Business
- Zawya
Egypt receives $1.2bln as 4th tranche of IMF's EFF program
Arab Finance: Egypt has received the $1.2 billion fourth tranche of its loan from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) program, the Egyptian cabinet announced on April 2nd. The statement also revealed that the Prime Minister Mostafa Madbouly met with the Executive Director and Board Member of the IMF Mohamed Maait to follow up on the country's economic reform program. The meeting focused on several key issues related to their ongoing cooperation. It also addressed the approval by the IMF's Executive Directors of Egypt's program with the Sustainability and Resilience Fund, which will provide long-term, concessional financing of $1.3 billion. Additionally, discussions included the next steps for the fifth review of the economic reform program, which is expected to take place over the coming period. Another key topic of the meeting was the ongoing global and regional economic conditions. The two leaders discussed developments in the international economic situation and the potential impact on global trade systems and growth rates. Moreover, the meeting also looked ahead to the upcoming IMF meetings later this month, which will further address these issues. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Today
12-03-2025
- Business
- Egypt Today
IMF enables Egypt to access sustainability facility worth $1.3B to support country-wide initiatives
Cairo – March 12, 2025: The International Monetary Fund (IMF) has approved $1.3 billion in funding for Egypt under the Resilience and Sustainability Facility (RSF), aimed at supporting the country's climate initiatives. This funding is part of a wider set of structural reforms, as stated by the Ministries of Finance and Environment in a joint statement on Wednesday, that aim to advance Egypt's 2050 Climate Change Strategy and meet its 2030 Nationally Determined Contributions (NDCs). The IMF's financial backing is intended to accelerate efforts to decarbonize the economy, improve environmental risk management, and evaluate the effects of investment plans on Egypt's overall climate resilience. The Ministry of Finance, the Ministry of Environment, and the Central Bank have worked closely together, ensuring Egypt's ability to secure the funds under the RSF, according to the statement. The funds, expected to arrive in state coffers within days, will be directed toward critical environmental initiatives such as expanding renewable energy, reducing emissions, managing water resources, and combating desertification. The announcement follows the completion of Egypt's fourth review under its $8 billion economic program with the IMF. IMF Executive Director and former Finance Minister Mohamed Maait confirmed to EnterpriseAM that the funds will be directed toward projects that align with Egypt's climate goals. The RSF arrangement will support key reforms to accelerate decarbonization, strengthen the management of environmental risks, and assess the effects of investment plans on achieving resilience, he said. While the exact sizes of the tranches, as well as the disbursement and repayment mechanisms, remain unknown, Maait explained that these details will be determined in coordination with the Egyptian government at a later stage. This funding is part of a larger effort by Egypt to implement its climate strategy, which has been developed in collaboration with multiple ministries and government entities. The IMF's approval of this financing is a crucial step in supporting Egypt's transition to a green economy, which is central to the country's long-term development and its commitments under the Paris Agreement to address climate change. Egypt is also preparing for the upcoming COP30 climate conference, where it is expected to play a leading role in global climate discussions and further advocate for the fulfillment of international climate goals.
