The Cairo skyline. Egypt received a $639 million credit facility from the Arab Monetary Fund. Reuters
The Cairo skyline. Egypt received a $639 million credit facility from the Arab Monetary Fund. Reuters
The Cairo skyline. Egypt received a $639 million credit facility from the Arab Monetary Fund. Reuters
The Cairo skyline. Egypt received a $639 million credit facility from the Arab Monetary Fund. Reuters

Arab Monetary Fund lends Egypt $639m to boost public finance reforms


Sarmad Khan
  • English
  • Arabic

The Arab Monetary Fund is providing Egypt with a $639 million (Dh2.3 billion) credit facility to help the Arab world’s most populous country reform its public finance sector amid the Covid-19 pandemic.

The loan is intended to support economic, financial and structural reforms, the fund said on Wednesday.

The AMF said financing balance of payments needs and public budgets, and financing trade through its affiliate, the Arab Trade Financing Programme, are among the other ways it is helping member countries face the current economic volatility.

“The AMF is keen to provide financial and technical support to its member countries … in light of the developments taking place due to Covid-19, and the ensuing economic and financial repercussions,” it said.

The AMF said it intends to further boost the measures taken by its members to “stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak”.

Egypt was one of the fastest growing emerging markets before the Covid-19 outbreak.

However, the significant domestic and global disruptions caused by the pandemic have worsened the country's economic outlook and forced officials to rethink their policies.

The North African country has made significant progress in restructuring its economy under a three-year International Monetary Fund programme reached in 2016.

The $12bn Extended Fund Facility helped Egypt float its currency, end major dollar shortages and repair overburdened finances.

The IMF also approved a new 12-month $5.2bn loan for Egypt in June to help it cope with challenges posed by the pandemic and finance its budget deficit and balance of payments shortfalls.

The approval allows for the immediate disbursement of about $2bn, which will help the country preserve the macroeconomic reforms it has carried out over the past four years, according to the fund.

The arrangement is also intended to support health and social spending and advance structural reforms for sustained recovery.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.

The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.

The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.

Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.

The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
SPECS
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Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
FIGHT CARD

Fights start from 6pm Friday, January 31

Catchweight 82kg
Piotr Kuberski (POL) v Ahmed Saeb (IRQ)

Women’s bantamweight
Cornelia Holm (SWE) v Corinne Laframboise (CAN)

Welterweight
Omar Hussein (JOR) v Vitalii Stoian (UKR)

Welterweight
Josh Togo (LEB) v Ali Dyusenov (UZB)

Flyweight
Isaac Pimentel (BRA) v Delfin Nawen (PHI)

Catchweight 80kg​​​​​​​
Seb Eubank (GBR) v Mohamed El Mokadem (EGY)

Lightweight
Mohammad Yahya (UAE) v Ramadan Noaman (EGY)

Lightweight
Alan Omer (GER) v Reydon Romero (PHI)

Welterweight
Ahmed Labban (LEB) v Juho Valamaa (FIN)

Featherweight
Elias Boudegzdame (ALG) v Austin Arnett (USA)

Super heavyweight
Roman Wehbe (LEB) v Maciej Sosnowski (POL)

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

THE SPECS

Engine: 4.4-litre V8

Transmission: eight-speed automatic

Power: 523hp

Torque: 750Nm

Price: Dh469,000

Tips%20for%20holiday%20homeowners
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The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000