The International Monetary Fund and Egyptian finance officials are working to conclude talks “as quickly as feasible” on a proposed $4.8 billion loan deal to ease the country’s deepening economic crisis, a senior official said on Friday.
“I don’t have a date for when those discussions will be completed precisely, but Egyptian authorities and our own team are working diligently to try to bring that set of discussions to a conclusion as quickly as feasible,” IMF Director for the Middle East and North Africa, Masood Ahmed, told reporters.
The talks are taking place on the sidelines of IMF and World Bank meetings in Washington.
An IMF deal will help shore up confidence in Egypt’s economy and reassure private investors and donors that the country is committed to economic reforms, which include cutting fuel subsidies and raising sales taxes.
Egypt has suffered two years of political instability since a 2011 uprising that ousted President Hosni Mubarak.
-
Egypt’s $4.8bn IMF loan talks end without accord
Egypt and the International Monetary Fund failed to agree on terms for a $4.8 billion loan that could ease a worsening economic crisis in the Arab ... Economy -
Egypt stalls on IMF loan amid fears of food shortages, unrest
Egypt is stalling on the terms of a $4.8 billion International Monetary Fund loan to help it fight a deepening economic crisis, and no deal is likely ... Economy -
No Egypt request for bigger IMF loan, central banker tells paper
Egypt has not asked the International Monetary Fund (IMF) to increase a $4.8 billion loan it has not yet drawn down, central bank governor Hisham ... Economy -
Egypt PM to visit donor Qatar amid IMF loan talks
Egypt’s prime minister was due in Qatar on Tuesday for talks with his country’s biggest Gulf Arab financial backer as Cairo is negotiating ... Business