Arab Finance: Egypt is close to expanding its $3 billion loan program with the International Monetary Fund (IMF) to around $6 billion, Bloomberg reported, citing sources familiar with the matter.

That value could rise higher if other multilateral partners provide new financing, the sources added.

In November, Managing Director of the IMF Kristalina Georgieva said that the fund was “seriously considering” a possible hike in the loan program for Egypt.

Georgieva recently pointed out that Egypt would have the IMF's full support soon, saying “We [IMF] are working right now with the Egyptian authorities. They are doing a very good job in a very difficult environment to prioritize support for vulnerable population and to create better opportunities for private sector development."

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).