Shura Council’s Approval Not Required For IMF Loan Agreement

The Egyptian Minister of Planning and International Cooperation Dr. Ashraf Al Araby affirmed that the government’s agreement with the International Monetary Fund (IMF) over the US$ 4.8 billion loan will not be submitted to the Shura Council as it does not require a legislative approval.

On the sidelines of signing the loan agreement with the French Development Agency (Agence Française de Développement), he added that the government seeks to reach a definitive agreement with IMF team which is in Egypt on a visit for a number of days.

Talks with the IMF are going smoothly and the government did not ask for an increase in the value of the loan, he added. The government seeks to secure such loan so as to shore up foreign reserves and stabilize the monetary situation.