Egypt’s economy to require major external financing in next few years

Egypt’s economy will require considerable external funding in the next few years, and the International Monetary Fund (IMF) stands ready to provide any help needed, IMF's Middle East and Central Asia Department Director Masood Ahmed said at the annual IMF, World Bank meeting on Thursday.

“What is very clear is that for the next few years, the Egyptian economy will need substantial external financing. And it will need substantial external financing both for projects that are needed in terms of ensuring that those development projects take place but also for supporting the overall needs of the budget and of building up the external reserve positions,” Ahmed said.

The director added that the IMF position is to provide support to Egypt “in any way the Egyptian authorities think is most useful.”