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Wednesday, 21 August 2019

Egypt must complete its current reform program before negotiations of a new program: IMF

MENA , Friday 28 Jun 2019
IMF
A file photo of IMF headquarter (Photo:Reuters)
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Assistant Director of the International Monetary Fund (IMF)'s Communications Department Camilla Andersen said the international body is not currently negotiating a new IMF-supported program with Egypt.

"The priority at this junction is to successfully complete the current program," Andersen told a press briefing on Thursday.

"Discussions regarding the nature of any future engagement would come after that," she noted.

Andersen added that the IMF stands ready to support Egypt and its people as they continue the process of transforming the economy, "enabling it to achieve high-sustained growth which will create jobs and new opportunities". 

Egypt and the IMF have reached an agreement, under which Cairo gets a loan worth USD 12 billion from the global body to support its ambitious economic reform program that started in November 2016.

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