Egypt announces talks with the IMF for a new financing program

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The duration of the program is one year

Source: Dubai – Arabic.net

The Egyptian Prime Minister said today, Sunday, that Egypt is in discussions with the International Monetary Fund about a new financial and technical support program, which the Governor of the Central Bank made clear that it will be for a year.

Mostafa Madbouly added in a press conference that discussions will begin within the next few days. But he did not clarify the extent of potential financial support.

Egypt had signed a $ 12 billion IMF loan at the end of 2016 as part of a three-year economic reform program that included tax increases and reduced subsidies.

Tariq Amer, the governor of the Central Bank of Egypt, said that the IMF is enthusiastic about the new program, adding that the current cash reserves can protect Egypt from economic shocks, for the one year or two years of the Corona virus crisis.

In the same conference, Minister of Finance, Muhammad Moait, said that the talks with the fund are aimed at preserving the gains made by the economy during the last period and hedging against any repercussions of the Corona pandemic.