Egypt Nears Deal with IMF

June 15
12:20 PM 2013

The Egyptian government is nearing the completion of the drafting of its economic reform programme together with the International Monetary Fund. This is a prerequisite for the US$4.8 billion loan from the multilateral agency.

According to the Egyptian central bank governor, the loan is needed to stabilize the balance of payments of the country as well as the state finances. The said discussions have been undergoing for the past two years but the finalization of the program has been postponed because of the political instability in the country. Another issue is Egypt's reluctance in committing to the required austerity program to achieve the goals.

Hisham Ramez, Egypt's central bank governor, told reporters after a meeting in Abu Dhabi with other central bank governors of the region, "The IMF is verifying numbers with the government regarding the programme and they are in late stages of verifying all the numbers."

All through the negotiations, there has been no change to the aid sought by the country. He added, "The programme is as it was planned by the Egyptian government. It is US$4.8 billion that they have been talking to them about."

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