For strengthening Egypt’s position in the global financial system, President Abdel Fattah El-Sisi has approved a 50% increase in the country’s share in the International Monetary Fund (IMF). The Presidential Decree No. 247 of 2024 was officially published in the Official Gazette on Thursday, marking a key development in Egypt’s economic strategy.
50% Increase in Egypt’s IMF Share:
The decision approves an increase in Egypt’s quota in the IMF by 50%. This decision is intended to enhance Egypt’s financial standing and ability to access the IMF’s resources when needed. The Egyptian Parliament had already given its consent for this increase in October 2024, approving a 1.365 billion USD contribution. A portion of this amount will be paid in US dollars, with the remaining balance covered in the local currency.
Economic Impact of the Decision
This marks the 16th time an IMF member country has seen an increase in its financial contribution, reinforcing the global trend of bolstering the resources of the Fund to support countries facing economic challenges. The decision is a positive step towards securing financial stability and reinforcing Egypt’s role within international economic frameworks.
Additionally, this move highlights Egypt’s ongoing commitment to strengthening its economic reforms and aligning with international financial standards. The increased share will also contribute to the broader goals of supporting economic development across the region.
