IMF, Egypt make ‘excellent progress’ on loan programme talks – spokesperson

Egypt and the International Monetary Fund (IMF) are making “excellent progress” in their comprehensive policy package discussions to reach a staff level agreement for the combined first and second reviews under the IMF’s reform programme.

IMF spokesperson Julie Kozack told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of programme changes under combined first and second reviews of Egypt’s existing $3 billion loan, saying “authorities have expressed a strong commitment” to them.

“These discussions are ongoing, so I will not get into the details of the discussions, but we certainly will update you once the discussions are finalised.” Kozack stated.

Asked if there has been any change in the IMF’s assessment of the economic impact of the war in Gaza, Kozack said: “There is a need to have a very comprehensive support package for Egypt, and we’re working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the programme is able to ensure macroeconomic and financial stability in Egypt.”