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Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund, said that negotiations to obtain new funding are continuing with Egypt
Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund, said that negotiations to obtain new funding are continuing with Egypt. There is progress in the negotiations, he added. Earlier, Egypt’s Prime Minister Mostafa Madbouli also said that the Egyptian government was in the final stage of talks with the International Monetary Fund on new funding.
In July, Finance Minister Mohamed Maait said Egypt was working out the remaining points of difference with the IMF over a new extended fund facility. Maait said the talks with the IMF are ongoing and that they have achieved very, very good progress. However, the value of the loan the north African country is seeking is not yet known.
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Azour explained that Egypt reached an agreement with Lebanon in April. There is a set of measures that the government must expedite as a step toward seeking loans from the IMF. As a part of it, negotiations with Tunisia have begun during the past months and progressing. The country also has to rein in inflation.
