The Egyptian government expected Egypt's foreign reserves to rise to more than $46 billion from its current level of $44.3 billion by the end of June 2019. With receiving the of 6-year tranche of the IMF loan of $2 billion, Egypt has managed to pay about 700 million dollars for the Paris Club countries in July 2019.
The foreign exchange reserves cover more than 8 months of Egypt's commodity imports, higher than the global average of 3 months. Egypt's repayment of foreign debt repayments is regular and takes into account the repayment schedules.
The last tranche of the IMF loan entered the foreign exchange reserves with the Central Bank of Egypt (CBE) in order to boost its balance sheet, thus contributing to the financing of the state budget, with foreign reserves expected to add about 33 billion pounds to the state budget.
Source: (Youm7 Website, Edited)
