Egypt’s FY2019-20 Budget & Govt.’s Alleged Achievements

Source: Egyptian Institute for Studies

Author(s): Abdelhafez Alsawy

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On Tuesday 25 June 2019, immediately after the Egyptian parliament ratified the state’s Fiscal Year 2019-20 budget, Egypt’s Minister of Finance Dr. Mohamed Maait said in an interview with Bloomberg TV that Egypt is in talks with the IMF for a non-loan program and hopes to reach an agreement by October. “We started discussing with the IMF, first of all, what are the options Egypt is eligible to and after that we set up a framework for the elements and components of the program and presented it to the IMF and we are in a dialogue about that,” Maait said. According to the Minister of Finance, the duration of the program has yet to be determined but will likely be around two years. Although the new program does not include provision of loans to Egypt, however, this agreement will be the Egyptian government’s tool for obtaining loans from the international bond market by about $ 8 billion during the FY 2019-20, starting July.

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