Advanced negotiations between Egypt, IMF push EGX to green zone

Advanced negotiations between Egypt, IMF push EGX to green zone

Egypt - Negotiations between the International Monetary Fund (IMF) and the Egyptian Government witnessed great progress after announcing an agreement at the staff level on the components of the programme, which helped the stock market to end Monday’s trading session in the green zone.

Daily News Egypt learned that last Saturday’s meeting between the Egyptian Government delegation and the IMF witnessed reaching an agreement on the components of the reform programme, but so far, the exact amount of the loan has not been agreed upon.

Sources added that the Egyptian Government is seeking to reach a final agreement on the loan this week, before the start of the economic conference next week.

Mohamed Hassan, Managing Director of Blom Egypt Investments, said that reaching an IMF agreement would stimulate foreign investment and give confidence to investors.

He explained that the agreement means an increase in the value of the dollar against the Egyptian pound, which is reflected in the decrease in the value of shares and gives them more attractiveness to investors, especially foreigners, especially after the stability of the exchange rate.

He stressed that it will reflect positively on the Egyptian financial market, noting that the important support area for the main index is at