RIYADH: Egypt’s financial sector received a further boost after the Arab Monetary Fund agreed to extend a new loan of $615.8 million to the North African country to support its reforms in the banking sector. According to the AMF, the program focuses on improving the efficiency of the payment system, enhancing economic inclusion and strengthening the regulatory framework in the financial and banking sectors. By doing so, it aims to expand the scope of financial technologies and strengthen consumer protection. The agreement was signed on July 25 by Central Bank of Egypt Gov. Hassan Abdalla and AMF Director General Chairman Abdulrahman Al-Hamidy. Abdalla highlighted that the fund is strengthening Arab countries in maintaining economic and financial stability and facing sectoral challenges. Al-Hamidy acknowledged the Egyptian government’s efforts to implement economic and structural reforms. He said these reforms contributed to the development of the economy while helping it sustain itself in regional and global markets. He also stressed that the AMF is keen to continue the “fruitful partnership” with the Egyptian government to help the country address the different challenges effectively. The AMF, which includes 22 member states, is currently considering financing requests from other member countries, it said in a press release. It added that the fund is processing the requests through “expeditious procedures” to provide support as quickly as possible. The release added that the approach would help the borrowing member countries meet their financing needs and enhance their financial positions. The AMF added in its statement that it promotes policy dialogue among its member states and offers consultation on economic, financial and development issues. It also provides technical advice to the member states on monetary, fiscal and financial policies. Moreover, the statement added that the AMF holds training for government officials in member countries through its Institute for Training and Capacity Building. According to a report by Morgan Stanley released in March, Egypt’s external financing needs are standing in the way of its economic development and may hinder its medium-term growth. The report added that Egypt has favorable prospects for medium-term growth, but the large external financing needs to weigh on the macroeconomic outlook.