First comment from the Egyptian government after the International Monetary Fund spoke about the terms of the new loan

Egyptian Finance Minister Mohamed Maait announced that an agreement with the International Monetary Fund on a new cooperation program is imminent and the Egyptian government hopes the program will be agreed before December 2022.

Today, on Wednesday, the minister confirmed that the amount of funding included in the program, which is expected to be agreed between the government and the fund, has not yet been determined.

Egypt and the International Monetary Fund are negotiating economic policies and reforms under a program that both sides are seeking to agree on, such as the Extended Financing Facility, which was previously implemented during the economic reform period from 2016 to 2019.

For its part, the International Monetary Fund said the Egyptian government needed to take more steps to promote the development of the private sector, improve governance and reduce the role of the state in the event that the country needs to obtain new credit to support the economy hit by the consequences of the war in Ukraine.

The Washington Fund’s executive board said in a statement that Egypt needs to make decisive progress on deeper financial and structural reforms to make the economy more competitive and more resilient.

Source: Cairo 24

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