The International Monetary Fund (IMF) is making excellent progress in its talks with Egypt on the completion of the first and second reviews of the country’s $3 billion loan program, IMF spokesperson Julie Kozack said in a news briefing.

“There is a need to have a very comprehensive support package for Egypt,” Kozack said.

“We are 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 program is able to ensure macroeconomic and financial stability in Egypt.” she added.

Moreover, Kozack noted that the IMF staff and Egyptian authorities had agreed on the key elements of the loan program, saying that the “authorities have expressed a strong commitment to them.”

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