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AMF supports Egypt's reforms with $639m new funding

AMF supports Egypt's reforms with $639m new funding
The AMF is also considering requests from other member states

Cairo – Mubasher: The Arab Monetary Fund (AMF) signed a new loan worth $639 million with Egypt to support a reform programme in the public finance sector amid the coronavirus (COVID-19) crisis, the Emirates News Agency (WAM) reported on Wednesday.

The fund is keen to support the efforts of its member countries to implement economic, financial and structural reforms, to meet various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate, the Arab Trade Financing Programme,” according to the UAE’s state-run news agency.

The AMF is also considering requests from other member states to meet their financing needs and improve their financial positions to withstand the current crisis.