IMF Loan Agreement Is Inevitable: Experts

Experts and officials of the Egyptian authorities head their concerns to the delegation of International Monetary Fund (IMF) to Egypt on Wednesday, to continue the negotiations around supporting Egypt during the current period.

A number of economic experts agreed on the necessity of reaching an agreement with IMF tomorrow, to provide liquidity that helps the state amid the current challenges, which is hemorrhage.

The experts added that the loan will revive the economic system then money market, whereas these international institutions provide the countries, which ask for loans, with economic development plan for the coming years.

Dr Magda Kandil, CEO of the Egyptian Center for Economic Studies (ECES), said the loan is the best method to face the hemorrhage; explaining that the process of borrowing came very late since the revolution broke out.

She added that the IMF loan will help the economic system because of the facilities that the IMF provides, such as giving 3-years grace period, providing good economic reform program contributes to supporting the current state in general, and the economic system and the money market in particular.

Yousif Al Far, managing director of Naeem Financial Investments (NFIN), said the economic system and the challenges it faces require rapid agreement with the IMF in order to face the budget deficit and to set encouraging policies for the private sector of investment in the Egyptian market.

He added that the Egyptian authorities’ invitation to the IMF needs more flexibility and compatibility with the delegation’s demands.