IMF's loan is credit facility, not widely open

Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy on Saturday said the loan recently approved by the International Monetary Fund (IMF) to Egypt is considered a credit facility and not widely opened.

Samy told MENA Egypt is obliged to apply certain conditions for the use of the loan.

He expected the country would take some measures, including the rationalization of the budget deficit, achieving geographical growth, and launching initiatives for youth and employment.

The EFSA chairman added that Egypt will receive the next premiums just after reviewing that the country carried out its commitments