IMF Technical Team Arrives In Egypt In Effort To Boost Turbulent Economy

The IMF technical team has arrived in Egypt Sunday morning so as to reopen negotiations with the Egyptian government on the $4.8 billion loan widely seen as crucial to salvaging its damaged economy after almost two years of political turbulence.

The International Monetary Fund’s technical team headed by Masood Ahmed, Director Of The Middle East And Central Asia Department  of the IMF; and Andreas Bauer, who is in charge of the team, will be in Egypt for two days seeking to reach a final agreement with the Egyptian government over the along-awaited loan.

Ahmed and Bauer will be holding talks with Egyptian Prime Minister Hisham Kandil alongside a number of economic ministers over the IMF loan seeking to boost the turbulent Egyptian economy and increase the country’s growth rates.

The talks will also tackle the Egyptian government’s amended economic reform program.

Egypt has been holding negotiations with the IMF for multiple months seeking to obtain a loan resulting in reaching an initial agreement last November. The IMF has then postponed the talks requesting the government to amend its economic reform program.  The talks were resumed with the country in January over the amended reform program agreeing to make their next meeting be scheduled for Sunday, March 17th.