IMF says it held productive talks on new programme for Egypt

IMF says it held productive talks on new programme for Egypt

by Agence France-Presse
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The International Monetary Fund (IMF) said on Friday it had held productive discussions during a staff visit to Egypt on economic policies and reforms to be supported by an extended fund facility.

โ€œIn the period ahead, we are continuing our close engagement with the authorities towards reaching staff-level agreement,โ€ the IMF statement said.
The IMF announced that Egypt had made a request for a new programme in March as it came under new financial pressure from the war in Ukraine.
Egypt has turned to the IMF three times in recent years, borrowing $12 billion under an Extended Fund Facility in November 2016, $2.8 billion under a Rapid Financing Instrument in May 2020, and $5.2 billion under a Stand-by Arrangement in June 2020.
Analysts say that because Egypt has exceeded its normal IMF borrowing quota, it would likely face exceptional access criteria, making it subject to a greater level of scrutiny.
Egyptโ€™s central bank governor has previously said that the scale of any new funding is not expected to be large, given that Egypt has already taken a big allocation from the fund.

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