The International Monetary Fund said that it had held productive discussions during a staff visit to Egypt on economic policies and reforms to be supported by an extended fund facility.
“In the period ahead, we are continuing our close engagement with the authorities towards reaching staff-level agreement,” 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 $12b under an Extended Fund Facility in Nov 2016, $2.8b under a Rapid Financing Instrument in May 2020—Zawya News
