Egypt, IMF putting final touches for new loan deal – PM says

Egypt and the International Monetary Fund (IMF) are putting the final touches for a new loan deal to shore up Cairo’s finances, Prime Minister Moustafa Madbouly said without giving any details on Sunday at Egyptian Economic Conference (EEC 2022).

“Our aim is not to argue about the past but to agree on a clear roadmap for all the key economic sectors for the sake of the country’s stability,” Madbouly told the inaugural session of EEC 2022.

Madbouly noted that Egypt will also put in place various mechanisms to maximise the private sector’s participation in economic activity.

He further said, President Abdel Fattah al-Sisi has directed considering a package of social protection so the state continues to protect those affected by any economic burden.

According to Madbouly’s speech, the financing of national projects will be expanded through the partnership mechanism with the private sector.

The new loan programme aims to help the Egyptian government face the severe repercussions of the Russian-Ukrainian conflict on the economy.

Egypt like many other countries is a major part of the global challenge, as the world suffers from the slowest rate of economic growth in 40 years, highest rates of inflation, monetary tightening, high interest rates, and capital outflows.