Egypt starts talks on new IMF loan during spring meetings

Egypt starts talks on new IMF loan during spring meetings

The annual spring meetings of the International Monetary Fund and the World Bank will kick off in Washington, DC with the participation of finance ministers from all over the world.

It is expected that the meetings will be dominated by the repercussions of the conflict in Ukraine on the global economy

Egyptian Minister of International Cooperation Rania al-Mashat, met with the country director of the World Bank in Egypt, Yemen and Djibouti, Marina Weiss, to discuss preparations that precede Mashat’s participation in the Spring Meetings.

Kristalina Georgieva, CEO of the IMF, told “Bloomberg” that the ongoing talks between Egypt and the IMF regarding a new program will also take place.

She added that the IMF will discuss with Egyptian officials the high level of debt in the country.

She also said that the Fund “will sit with Sri Lanka, Egypt and Tunisia, and discuss what should be realistically done.”

The Fund is expected to cut its global growth forecast when it releases its World Economic Outlook on Tuesday.

For his part, Fakhry el-Feky, Chairman of the Parliament’s Planning and Budget Committee and a former expert at the IMF, said that the Egyptian economy needs funding ranging between US$ 10 and US$ 12 billion during a certain period