IMF near to support Egypt's economic reforms

CAIRO – 4 December 2024: The International Monetary Fund (IMF) is nearing the provision of financial support for Egypt's economic reforms, IMF Managing Director, Kristalina Georgieva, revealed in an interview with Asharq Bloomberg.

She stated that Egypt can expect substantial backing from the IMF in the first quarter of 2024.

Georgieva confirmed that discussions are underway between the Egyptian authorities and the IMF to foster opportunities for the private sector and support vulnerable populations.

Furthermore, citing the added strain resulting from the Gaza conflict, Georgieva mentioned in a separate interview with Sky News Arabia that it is highly likely for the IMF to expand Egypt's existing loan program.

 In October, insiders cited by Bloomberg reported that the Egyptian government is actively negotiating with the IMF, expressing confidence in their ability to address concerns associated with the ongoing program.

Insiders familiar with the talks disclosed that Egypt is seeking to increase its Extended Fund Facility (EFF) loan from $3 billion to $5 billion.

Notably, Georgieva's recent announcement in November hinted at the possibility of Egypt receiving the $3 billion EFF from the IMF, although she did not provide specific details regarding the agreed amount or expected date of the agreement.