Head of Mission of the International Monetary Fund (IMF) in Egypt Ivana Holler announced Thursday the Fund has reached a $ 3 billion funding deal with Egypt.

The deal aims to finance budget and provide financing for international and local partners in the country, Holler added at a joint press conference with Prime Minister Moustafa Madbouli, Finance Minister Mohamed Maait and Governor of Central Bank (CBE) of Egypt Hassan Abdullah.

The program aims to face crises that pertain to macro- economy, including the military operation in Ukraine and the promotion of the private sector’s participation in economy, she said.

Holler added the IMF’s board will look into the deal very soon.

The Fund’s representative in Egypt explained the Russian-Ukrainian crisis caused crises in different world countries, including Egypt.

The Fund has worked with the Egyptian authorities to attain structural amendments in order to reach a strongest obligation, as regards amendments to macro-economy, amid international pressures and challenges, according to the official.

Source: State Information Service Egypt