US-Egypt Business Council supports government’s request for IMF loan

The US-Egypt Business Council (USEBC) strongly supports the Egyptian government’s request for a $12bn loan over three years, according to an email USEBC chairperson John Christmann sent to International Monetary Fund (IMF) managing director Christine Lagarde on Wednesday.

In his email encouraging the IMF executive board to approve the agreement, Christmann said that this support comes not only from him, but also on behalf of the USEBC and many of its members.

Christmann also said that this loan is “vital to Egypt’s economic stability and future” and expressed how encouraged the council is by the reforms that are part of the IMF agreement, as these will aid the growth of the private sector and will even attract more investments.

“The successful implementation of this agreement will help Egypt transition to a more market-oriented economy with a robust private sector and place its economy on a path to more sustainable and necessary economic growth,” Christmann said.