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March 2, 2024 (EIRNS)—Egypt is in the process of making a new loan agreement with the International Monetary Fund, as the result of international developments beyond its control. First, there was the COVID 19 crisis, the Ukraine war, and now the Gaza crisis, all of which led to a considerable downturn in tourism revenues for Egypt, an important source of its foreign exchange.

On Feb. 27, the IMF said it expects to conclude an agreement with Egypt within the next few weeks. IMF Managing Director Kristalina Georgieva told Reuters that key issues with Egyptian authorities regarding a review of the country’s $3 billion loan program have been resolved.

According to the latest figures from December 2023 from the Central Bank of Egypt, the country’s total debt is $164.73 billion. It is due to pay $32.79 billion in debt service in 2024.

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