Egypt is ‘not yet’ in talks with IMF over new loan; says planning minister

Egypt is “not yet” in discussions with the International Monetary Fund (IMF) over securing a new loan, the country’s Planning Minister Hala al-Said told Reuters on Monday.

Asked if the Egyptian government was in talks with the IMF over any new support, al-Said said: “Not yet.”

The minister described the international lender as “a great support,” saying: “When something will happen, we will announce it.”

On Thursday at a media roundtable on Thursday, IMF Managing Director Kristalina Georgieva said the sustained high food and energy prices from fallout from Russia’s invasion of Ukraine are going to impact people in Egypt. She added that the fund is already engaged in discussion with Egypt on how to “target vulnerable populations and vulnerable businesses.”

“I worry for Egypt. If we have a sustained high food and energy prices, how this is going to impact people in Egypt. And in that sense, we are already engaged in discussion with Egypt on how to target vulnerable populations and vulnerable businesses.” said Georgieva.

The IMF official also said the ongoing war would also affect the countries that are relying on tourism, particularly with the Ukraine and Russian tourists being a big part.

“Four, for the countries that are relying on tourism, Ukrainian Russian tourists were a big part. Think of Egypt, for example, now they’re going to be hit.” Georgieva added.