Egypt has proposed to IMF 18-month reform program: Reports

AP , Monday 8 Aug 2016

Minister of Finance Amr El-Garhy (Al-Ahram)
Minister of Finance Amr El-Garhy (Al-Ahram)

Egyptian dailies say Cairo has proposed to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy.

Monday's reports by three dailies — Al-Shorouk, Al-Masry Al-Youm and Al-Watan — say differences remain on the size of a proposed devaluation of the pound and the timetable for implementing some of the more politically sensitive reforms, like state subsidies.

According to the papers, the International Monetary Fund has rejected requests for a delay or a staggered implementation of the reforms. They all quote unnamed government officials familiar with the Egypt-IMF talks that started last week.

Egypt is struggling to keep its economy afloat, with a slump in tourism, foreign currency shortages and double digit inflation and unemployment among its main ailments.

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