Egypt in final phase of IMF loan talks

Egypt would have achieved more had the crises of both the Covid-19 pandemic and the Ukrainian-Russian war not occurred

Staff Writer, Arab Finance

August 24, 2022

PHOTO

Egypt is in the final stage of its negotiations with the International Monetary Fund (IMF) for a new financing package, Prime Minister Mostafa Madbouly stated during the Logos Coptic Youth Forum, according to an official statement on August 22nd.

Madbouly reiterated that Egypt had adopted the economic reform program and achieved high growth rates.

Egypt would have achieved more had the crises of both the Covid-19 pandemic and the Ukrainian-Russian war not occurred.

On August 22nd, reports said that the IMF was calling on Egypt to cancel all low-interest lending initiatives including loans for small- and medium-sized enterprises (SMEs) and businesses operating in the tourism and mortgage sectors.

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