CAIRO (Reuters) – The new International Monetary Fund (IMF) $3 billion financial support package for Egypt aims to reduce government debt to less than 80% of the gross domestic product (GDP) in the medium term, a cabinet report released on Saturday said.
The fund didn’t require the Egyptian government to cut spending on subsidies, the report said, adding the new programme aims to strengthen the social protection network for citizens.
The IMF executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion.
(Reporting by Moamen Saied Attalah; writing by Mahmoud Mourad; editing by Michael Perry)
