Egypt FinMin, CBE governor in Washington for new round of IMF talks

Egypt’s central bank governor Tarek Amer and Minister of Finance Amr el-Garhy are conducting a new round of loan talks in Washington D.C. with the International Monetary Fund (IMF).

The two officials are expected to hold a new round of talks with David Lipton, IMF’s First Deputy Managing Director, a spokesperson from the fund said in a statement on Thursday.

IMF announced this month earlier that it has reached a tentative agreement with Egypt on a loan of $12 billion over three years. The IMF lifeline signals an opportunity for the Egyptian government to turn around the struggling economy, which has been propped up in recent years by over $25 billion in cash injections from Gulf states.

The meeting will likely focus on the $5-6 billion in funding from “friends and allies” that the IMF has asked Egypt to line up as a condition of the facility. Amer reportedly flew to Washington following negotiations with the UAE government that secured a six-year, $1 billion deposit.