These announcements provide additional details to Maait's previous statement, wherein he mentioned that our collaboration with the International Monetary Fund (IMF) has the potential to secure a combined amount of $20 billion in foreign assistance.
Egypt will receive about $5 to $6 billion, which is equivalent to EGP 246 to EGP 296 billion, in funding from the European Union, Minister of Finance, Mohamed Maait stated in statements to Ashraq Bloomberg.
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period.
These announcements provide additional details to Maait's previous statement, wherein he mentioned that our collaboration with the International Monetary Fund (IMF) has the potential to secure a combined amount of $20 billion in foreign assistance.
This total comprises approximately $11 billion from various international allies, such as the World Bank, European Union, Japan, and the UK.
It also encompasses the $8 billion IMF package that we recently agreed upon, as well as a potential allocation of $1-1.2 billion in climate finance through the Fund's Resilience and Sustainability Facility, which is currently being discussed.
Part of the European's funds will be allocated to the private sector and another part to the state budget, he added.
Recently, the minister disclosed that Egypt's total budget deficit increased during the first 8 months of the fiscal year (FY) 2023/2024 by 6.7% of Egypt’s gross domestic products (GDP) by the end of February 2024, compared to 5% during FY2022/2023.
Maait indicated in a press conference on Sunday in Cairo, that the primary surplus amounted to EGP 193 billion during the same period, compared to EGP 41.8 billion a year ago.
