The House of Representatives approved during a plenary session on Monday increasing Egypt’s share in the International Monetary Fund by 50 percent.
This came after the House approved a report for the joint committee of Planning and Budget Committee and the Economic Affairs Committee on the decision of President Abdel Fattah al-Sisi #247 of 2024 regarding approving the increase in Egypt’s share in IMF.
The head of the Planning and Budget Committee in the House of Representatives, Fakhry al-Fakki, said that this is the 16th time that the shares of member states in the IMF have been increased to increase its resources.
“Egypt is required to increase its share in dollars by US$1.365 billion, a quarter of which is paid in dollars and the rest in local currency, about LE48 billion paid to the fund,” he explained.
Fakki added that 97 percent of the member states in the fund agree to the 50 percent increase, while the countries that oppose bear their responsibility.
