Egypt To Resume Talks Over IMF Loan Next January, Borrowing Is ‘Inevitable’

Egyptian Prime Minister Hisham Kandil said on Sunday the government is planning to invite the International Monetary Fund (IMF)’s team to come to resume talks over the $4.8 billion loan.

Kandil further noted, in a press conference held on Sunday, that the IMF’s loan is highly pivotal as it boosts investor confidence following 20 months of economic strain since the 2011 revolution.
“Borrowing is inevitable to restore confidence in Egypt’s economy.” Kandil added

Moreover, Kandil stressed that the IMF will not interfere in Egypt’s internal policies.

“The IMF seeks to see a home-grown economic reform program that would work on curbing the current deficit and on achieving social justice.”