Progress in Discussions between Egypt, IMF on Loan Program is Excellent

The IMF is reporting significant advancements in its discussions with Egypt concerning the fulfillment of the initial and subsequent evaluations of the nation’s $3 billion loan initiative, as stated by IMF spokesperson Julie Kozack during a press conference.

Kozack emphasized the necessity of establishing a comprehensive support framework for Egypt, highlighting ongoing collaboration with both Egyptian officials and their partners to address any remaining financial requirements and ensure the program’s efficacy in fostering macroeconomic and financial stability within Egypt.

Kozack highlighted the alignment between IMF staff and Egyptian authorities regarding the fundamental components of the loan program, underscoring the authorities’ steadfast dedication to its implementation.

A $3 billion financial support package from the International Monetary Fund signed in December 2022 faltered after Egypt paused on a pledge to move to a flexible exchange rate regime and progress on state asset sales proved slow.