IMF concludes Cairo trip, gives no details on rumoured $3bn loan

The IMF delegation to Cairo has announced the completion of its annual review of the country's finances but gave no details of the results of reported discussions over a US$3 billion loan agreement.
The mission visited Cairo from 26 October to 3 November to carry out its annual Article IV Consultation, take stock of recent economic developments and assess financing needs. The one week IMF visit was half the length of previous consultations, raising questions about what exactly took place.

“Egypt’s medium-term economic potential is promising," said a statement from Ratna Sahay, head of the IMF mission to Cairo and deputy director of the Middle East and Central Asia Department.

"However maintaining macroeconomic stability and social cohesion amidst modest short-term growth prospects and a weakening external environment remains challenging."

She then suggested -- by her reference to Egypt's "homegrown" solution -- that the rumoured foreign funding would not be requested.

"The mission welcomes the authorities’ progress towards preparing a homegrown Egyptian strategy to meet these challenges and implement an inclusive growth and job creation agenda," Sahay concluded.