Middle East

The IMF states that it has had productive discussions on a new Egyptian program – Middle East Monitor.

The International Monetary Fund (IMF) reported on Friday that it had productive discussions on economic policies and reforms supported by expansion fund facilities during a staff visit to Egypt. Reuters..

“We will continue to work closely with the authorities towards an employee-level agreement,” the IMF statement said.

The IMF announced that Egypt requested a new program in March due to new financial pressures from the Ukrainian war.

Egypt has turned to the IMF three times in the last few years, with an expansion fund facility of $ 12 billion in November 2016, a rapid finance product of $ 2.8 billion in May 2020, and a standby arrangement of 5.2 billion in June 2020. I borrowed a dollar.

Analysts say Egypt is more likely to face exceptional access standards and is subject to a stricter level of scrutiny as it exceeds the normal IMF credit line.

Egypt’s central bank governor has previously stated that the scale of new funding is not expected to be large given that Egypt has already allocated large amounts of money from its funds.

read: Egypt’s foreign exchange reserves fall $ 1.68 billion

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https://www.middleeastmonitor.com/20220709-imf-says-it-held-productive-talks-on-new-programme-for-egypt/ The IMF states that it has had productive discussions on a new Egyptian program – Middle East Monitor.

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