Egypt Independent : Egypt, IMF imminent to agree on new loan

L’Égypte et le FMI s’entendre sur un nouveau prêt

An agreement with the International Monetary Fund (IMF) on a new cooperation program is imminent, and that the Egyptian government hopes that the program will be agreed upon before December 2022, Egyptian Finance Minister Mohamed Maait announced./Un accord avec le Fonds monétaire international (FMI) sur un nouveau programme de coopération est imminent, et que le gouvernement égyptien espère que le programme sera convenu avant décembre 2022, a annoncé le ministre égyptien des Finances, Mohamed Maait.

On Wednesday, Maait confirmed that the value of the funding included in the expected program to be agreed upon between the government and the fund has not yet been determined.

Egypt and the IMF are negotiating economic policies and reforms within a program that the two parties seek to agree on, such as the Extended Fund Facility, which was previously implemented in economic reforms from 2016 to 2019.

The IMF said that the Egyptian government needs to take more steps to promote the development of the private sector, improve governance and reduce the role of the state, in case the country needs to obtain a new loan to support the economy affected by the repercussions of the war in Ukraine. READ MORE