Georgieva: IMF-Egypt deal ‘significant step’

MoneyEgypt NewsFeature
By Yomna Yasser
IMF
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) (Photo Credit: PTI)

International Monetary Fund Managing Director Kristalina Georgieva said in a tweet on Wednesday the staff-level agreement with Egypt is a ‘significant step’ in IMF’s continued strong partnership with the country.

“This is a significant step in our continued strong partnership with Egypt. We are committed to help stabilise and strengthen the economy for the benefit of the Egyptian people.” Georgieva said.

The IMF announced that it had reached staff level agreement with Egyptian authorities on a set of comprehensive policies and reforms needed to complete the first and second reviews under the Extended Fund Facility (EFF) arrangement.

Egypt also agreed with the international lender on more than doubling its rescue programme to $8 billion, following the Central Bank of Egypt’s (CBE) move to  hike key interest rates by 6 per cent, let the currency trade freely, and lift restrictions on the use of credit cards for transactions in foreign currencies.

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