Egypt receives $153 million from Arab Monetary Fund
Egypt will receive $152.5 million from the Arab Monetary Fund to assist it in coping with the heavy economic losses incurred by the September 11 attacks on the United States, reported Al-Akhbar. Central Bank Governor Mahmud Abu Al-Eyun and fund president Jassim Al-Manai signed the accords without specifying the interest rate or the period of reimbursement.
Officials forecast a 30 to 50 percent decline in tourism for 2002, a sector that generated roughly $4.3 billion in foreign currency revenues last year. Other areas of the economy have also been affected by global downturn. Transport revenues are projected to fall by $433 million in the air and maritime sectors, with the Suez Canal alone experiencing a loss of $184 million. — (menareport.com)
© 2001 Mena Report (www.menareport.com)