| Author (Corporate) | Council of the European Union |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1144 |
| Publication Date | 15/04/2024 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Decision (EU) 2024/1144 - adopted by the Council of the European Union on 12 April 2024 - providing short-term macro-financial assistance (MFA) to Egypt. Further information:This Decision allows for the provision of €1 billion of urgent short-term MFA to Egypt aiming to support the stabilisation of its economy. In order to finance it, the European Commission is empowered to borrow the necessary funds in the capital markets or from financial institutions and to on-lend them to Egypt. The release of the EU's MFA is managed by the Commission in a manner consistent with the agreement or understandings reached between Egypt and the International Monetary Fund (IMF), and with the key principles and objectives of economic reforms set out in the Association Agreement (AA). This short-term MFA is part of a financial package also comprising longer-term support, which underpins an agreement reached between the European Union (EU) and Egypt in March 2024 to deepen their relationship and develop a Strategic and Comprehensive Partnership. The MFA was requested by the Egyptian authorities on 12 March 2024. It aims at helping the country cover part of its overall external financing gap. The MFA is provided in the form of loans made available in one installment. A precondition for granting the assistance is that Egypt takes steps towards respecting effective democratic mechanisms and the rule of law and guaranteeing respect for human rights. The draft text was adopted by the European Commission on 15 March 2024. The Decision was adopted by the Council of the European Union on 12 April 2024, and published in the Official Journal on 15 April 2024.
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| Source Link | http://data.europa.eu/eli/dec/2024/1144/oj |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Bilateral Relations, Economic Governance | Situation |
| Keywords | Macro-Financial Assistance [MFA] |
| Countries / Regions | Egypt |
| International Organisations | European Union [EU] |
