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FINANCIAL NEWS
Egypt aims USD12bn financing deal with IMF
17 Aug 2016
(MENAFN) Egypt hopes an USD12bn financing deal with the IMF to help in an economic change, but real progress hinges on a tough reform for growth.
Moreover, the financing over three years, estimated an endorsement to attract more foreign support.
However, the loan won”t help as much as predicted, in a country where many depend on state subsidized bread and imports for basic foodstuffs, like wheat.
On the other hand, Arab states gave Egypt more than USD20bn in aid and investments, but that has proved to be a short-acting slave.
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