Negotiations for Egypt to obtain new financing progressing according to set schedule: IMF – Egypt Today

Negotiations for Egypt to obtain new financing progressing according to set schedule: IMF – Egypt Today

CAIRO - 19 September 2022: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 and things are progressing according to the set schedule. Prime Minister Mostafa Madbouli said earlier that the Egyptian government is in the final stage of talks with the International Monetary Fund on a new funding. In July, Finance Minister Mohamed Maait said Egypt is working out the remaining points of difference with the IMF over a new extended fund facility. Maait affirmed to Al-Arabiya that the talks with the IMF are ongoing and that they have achieved “very, very good progress”, noting that the value of the loan has not yet been set. Azour explained in a TV interview, that after reaching an agreement with Lebanon in April, there is a set of measures that the government must expedite to take in order for this program to be presented to the Fund's management, and negotiations with Tunisia have begun during the past months and are continuing and progressing. He pointed out that the rise in interest rates is linked to inflation jumps, so the monetary policies of central banks