Egypt expected to reach agreement with IMF ‘within months’ According to Reuters

© Reuters. Egypt’s Prime Minister Moustafa Madbouly, speaks during a news conference announcing the Egyptian state’s vision for dealing with the global economic crisis at the Investment Authority headquarters in Cairo, Egypt May 15 5 year 2022. REUTERS / Amr Abdallah EASY

(Reuters) – Egypt is expected to reach a new program with the International Monetary Fund “within months,” Prime Minister Mostafa Madbouly said on Sunday during a televised news conference.

In March, Egypt said it was in talks with the IMF about potential funds beyond technical assistance to hedge against the economic effects of the Russia-Ukraine crisis, should the crisis persist.

“There have been discussions by the finance ministry and the central bank with the IMF, we are making great strides,” Madbouly said. “I don’t want to be ahead of the events, but in a few months the program will be up and running.”

He added: “We are working on the process and official visits are expected to be agreed on the program in detail.

The Ukraine crisis has slashed tourism revenue, pushed up the cost of importing goods and sent foreign investors fleeing, but Cairo has since received billions of dollars in financial support from several foreign investors. Gulf Arab countries.

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