On Friday 20 December, the European Commission announced the forthcoming disbursement to Egypt of a one-off loan tranche of €1 billion as part of the macro-financial assistance granted by the European Union in April (see EUROPE 13390/10).
This financial aid is intended to cover part of the budgetary needs of this Mediterranean third country and to support the implementation of a reform programme agreed in cooperation with the IMF.
According to the Commission, Egypt has taken the necessary steps to improve the management of its public finances, rationalise the exchange rate of its currency, strengthen social protection, introduce greater transparency in the areas of investment and imports, and strengthen the national competition authority. The EU institution also calls for the adoption of a medium-term strategy for decarbonising energy.
The European Parliament and the Council of the EU are currently negotiating a proposal to grant Egypt a second macro-financial assistance package of €4 billion, in line with the political agreement reached between the EU and Egypt last March (see EUROPE 13373/6)
For further information: https://aeur.eu/f/ewm (Original version in French by Mathieu Bion)