Egypt looks to reach new IMF cooperation deal in March – minister

Egypt is looking to reach a new cooperation agreement with the International Monetary Fund (IMF) by next March, its Finance Minister Mohamed Maait said on Thursday.

Egyptian government is keen on continuing its reforms in order to provide a generous welfare system for the citizens and allure more foreign investment, Maait said during a financial seminar in London.

The seminar is part of a door-knock mission to the UK, which is organised by the British Egyptian Business Association (BEBA) to discuss bolstering bilateral cooperation between the two countries during a three-day visit from November 27 to 29.

Egypt has completed fiscal and monitoring reforms and is implementing structural reforms.

“We are looking to see if the IMF can help on the subject of structural reform.” Egyptian central bank governor Tarek Amer told reporters earlier in October.

Egypt completed a three-year, $12 billion Extended Fund Facility agreement with the IMF on November 11, 2016. As part of the deal, the country has been pushing ahead with tough economic reforms, including the introduction of a value-added tax, deep cuts to energy subsidies and a currency devaluation.

The changes are aimed at luring back investors who withdrew funds from Egypt during the 2011 uprising that overthrew former dictator Hosni Mubarak.