Kristalina Georgieva made statements during the second day of the Future Investment Initiative event being held in Saudi Arabia in its seventh edition over three days. She highlighted that the war in Gaza will drawback the economies of neighboring countries; including Egypt, Jordan, and Lebanon, according to the Managing Director of the International Monetary Fund (IMF).
“Risks of even more refugees in countries that are already accepting more,” said Georgieva. She also listed that among the aftermaths of the war are decreasing tourism and investment, and potentially increasing the cost of insurance on exports.
Egypt is racing to fulfill the commitments it has pledged to the IMF under the Extended Fund Facility (EFF) loan program the fund approved for the country in December. Yet, it has not completed any of the reviews under the loan deal as of yet. The deal allows Egypt to secure $3 billion in eight tranches over the program’s tenor of four years.
