Egypt is set to receive the second tranche of the soft loan agreement provided to Egypt، at the value of $250 million tomorrow Tuesday، the German embassy in Cairo said in a statement.
The German loan is part of the external funding to help Egypt close the financing gap in its budget، which is stipulated by the 2016 $12 billion IMF Extended Fund Facility agreement.
"For many of us، these painful steps are irreplaceable for the recovery of Egypt’s economy”، the ambassador added.
He expressed his happiness that economic growth in Egypt is now taking a positive turn، confirming that the singing of the loan agreement is a clear indication that Germany is fulfilling its promises and stands wholeheartedly with Egypt. "
Egypt’s overall budget deficit fell to to 10.8% of GDP in FY201617، from 12.5% of GDP in FY201516.
The primary deficit decreased to 1.8% of GDP in FY201617، from 3.5% of GDP in FY201516.