Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says

The African MirrorNovember 19, 2023November 18, 20231 Min Read

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, following September's deadly earthquake, in Marrakech, Morocco, October 12, 2023. REUTERS/Susana Vera

INTERNATIONAL Monetary Fund Managing Director Kristalina Georgieva told Reuters that the Fund was “seriously considering” a possible augmentation of Egypt’s $3 billion loan program due to economic difficulties posed by the Israel-Hamas war.

Georgieva told Reuters in an interview on the sidelines of the Asia Pacific Economic Cooperation Summit that the conflict is “devastating” Gaza’s population and economy and has “severe impacts” on the West Bank’s economy and is also posing difficulties for neighbouring countries Egypt, Lebanon and Jordan through the loss of tourism and higher energy costs.