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Egypt could strike deal with IMF in 2 months: Maait

Egypt could strike deal with IMF in 2 months: Maait

ArabFinance: Egypt could reach an agreement with the International Monetary Fund (IMF) in a month or two, Minister of Finance Mohamed Maait said during an interview with Bloomberg TV on September 22nd.

The size of the loan has not been yet determined which would take place at the final stage of the negotiations, Maait said, adding that the agreement with the IMF is a sign of reassurance and confidence in the Egyptian economy.

Maait revealed that Egypt provided the IMF with updated data on the country’s fiscal and monetary policies at the end of the fiscal year (FY) 2021/2022 and the international financer is working with the Egyptian authorities on the external funding gap.

The IMF is negotiating a flexible exchange rate policy with Egypt, Maait added.

The minister said that Egypt is taping other debt markets, including the Japanese and the Chinese to secure new loans.

Talks are underway with Japan for a $500 loan and there are plans for the issuance of $500 panda bonds in China, he unveiled.

On September 19th, the Director of the Middle East and Central Asia Department at the IMF Jihad Azour said that negotiations between the IMF and Egypt and Tunisia for financial assistance packages are witnessing ongoing progress and will be finished soon.

On September 15th, Alarabiya.net reported that Standard Chartered plc forecast that Egypt would receive a loan worth $6 billion from the IMF prior to the end of September.

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