2024-04-13 12:46:17
The European Union announced that it will provide Egypt with short-term financial aid to support the stability of the country’s economy.
The European Union said in a statement that it would “provide Egypt with one billion euros ($1.07 billion) in short-term financial aid to support the stability of the country’s economy.”
The statement added, “The billion euros in short-term aid is part of a larger package of five billion euros that will be provided in the form of loans.”
According to the statement, “The loans aim to address Egypt’s deteriorating public finance situation and meet its financial needs.”
The statement stated, “As a precondition, Egypt must continue to take concrete and credible steps towards respecting effective democratic mechanisms, including a multi-party parliamentary system, the rule of law, and ensuring respect for human rights.”
Last March, Egypt agreed with the International Monetary Fund on an expanded loan program worth eight billion dollars, and with the European Union on a multi-billion-dollar aid package to enhance cooperation and help reduce migration.
Last updated: April 12, 2024 – 17:22
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2024-04-13 12:46:17