World Courant
The Home of Representatives authorized a 50 p.c improve in Egypt’s share of the Worldwide Financial Fund throughout a plenary session on Monday.
This got here after the Home authorized a report for the joint committee of the Committee on Planning and Price range and the Committee on Financial Affairs on President Abdel Fattah al-Sisi’s resolution No. 247 of 2024 on approving the rise in Egypt’s share within the IMF.
The top of the Planning and Price range Committee within the Home of Representatives, Fakhry al-Fakki, mentioned that is the sixteenth time that member states’ shares within the IMF have been elevated to spice up its assets.
“Egypt should improve its greenback share by US$1.365 billion, 1 / 4 of which will probably be paid in {dollars} and the remainder in native foreign money, roughly LE48 billion to the fund,” he defined.
Fakki added that 97 p.c of member states within the fund comply with the 50 p.c improve, whereas international locations that oppose it bear duty.
The Home of Representatives approves rising Egypt’s share within the IMF
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