IMF’s loan talks with Egypt in ‘final stages’ – PM

Egypt said on Monday that its talks with the International Monetary Fund (IMF) on a new extended fund facility are in the “final stages”, Prime Minister Moustafa Madbouly said in a Cabinet statement.

The statement did not provide more details about the talks.

In July, On Tuesday, in an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020, the IMF said that the North African country needed to make “decisive progress” on fiscal and structural reform.

The Washington-headquartered Fund also said that greater exchange rate variability could have helped avoid a buildup of external imbalances and facilitate adjustment to economic shocks.

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