CAIRO - 25 February 2024: In a recent press briefing, Julie Kozack, Communications Director of the International Monetary Fund (IMF), Julie Kozack, announced that the IMF staff and Egyptian officials are making significant strides in their discussions regarding a comprehensive policy package. The objective is to achieve a staff-level agreement for the combined first and second reviews under the reform program backed by the IMF.
Kozack emphasized that the IMF team and the Egyptian authorities have reached a consensus on the key components of the program, with the authorities demonstrating a strong commitment to its implementation.
With regards to the potential influx of refugees from Gaza to Egypt and the possible pressures on the Egyptian economy acknowledging the situation, Kozack stated, "We recognize the need for a comprehensive support package for Egypt, and we are working closely with both the Egyptian authorities and their partners to ensure that Egypt's financing requirements are fully met. Our goal is to establish a program that guarantees macroeconomic and financial stability in Egypt."
Additionally, Kozack highlighted the IMF's monitoring of shipping volumes at the Suez Canal. According to their observations, during the first seven days ending on February 13, shipping volumes through the canal decreased by 55 percent compared to the same period last year. In contrast, volumes passing through the Cape of Good Hope increased by nearly 75 percent.
In recent statements, the IMF has hinted at the imminent completion of the first and second reviews of Egypt's $3 billion finance package.
During the World Governments Summit, IMF Managing Director Kristalina Georgieva expressed optimism, stating that a finalized package would be ready "in a few short weeks."
Prime Minister Mostafa Madbouly has also emphasized the government's efforts to finalize agreements with the IMF, the World Bank, and the European Union. This commitment was highlighted following the signing of the Ras El Hekma deal.
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