By: Abdullah Bedeir and Islam Fadl
Cairo – Mubasher: Foreign investments in Egypt’s debt instruments have reached $23 billion so far, the Minister of Finance, Mohamed Maait, revealed during Egypt Economic Summit 2020 on Wednesday.
Egypt aims to reduce its budget deficit to 7.5% of GDP in fiscal year 2019/2020, compared to 7.9% a year earlier, he added.
He further added Egypt will receive $1.6 billion as part of the $5.2 billion International Monetary Fund (IMF) loan by the end of December.
The country has previously obtained a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).
