IMF team in Egypt for talks over $3bn loan progress

Daily News Egypt
2 Min Read

International Monetary Fund (IMF) officials visited Egypt this week to discuss the country’s $3bn loan program and reform efforts, amid concerns about the Gaza war’s impact on the economy and potential for expanding the loan.

Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, was in Cairo, where he met with Egyptian authorities and regional stakeholders. The visit followed a regional IMF retreat held in Egypt.

“An IMF team led by Ivanna Vladkova Hollar, our Mission Chief for Egypt, is currently in Cairo to continue discussions on the first and second reviews of Egypt’s reform program under the Extended Fund Facility,” the IMF said in a statement.

“We will communicate at the end of the visit,” the statement added, leaving the door open for further announcements.

Earlier reports suggested the IMF was considering additional funding to help Egypt cope with the economic pressures of the ongoing Gaza conflict.

Last week, a high-level Egyptian delegation, including Central Bank Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat, met with IMF Managing Director Kristalina Georgieva and US Treasury Secretary Janet Yellen in Washington.

Those talks aimed to strengthen bilateral cooperation and advance progress on expanding the $3bnloan program, which has faced delays due to concerns about currency and asset sale reforms.

Both the IMF and Egyptian officials acknowledged the challenging global and regional environment, with geopolitical tensions and the Gaza conflict casting a shadow on emerging markets.

Recognizing these difficulties, both sides emphasized the need for concerted international efforts to support developing countries and emerging economies.

The IMF’s visit and ongoing discussions underscore the importance of the loan program for Egypt’s economic stability and the potential for further financial support in light of the Gaza war’s impact.

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