Egypt and the International Monetary Fund (IMF) are making significant strides in their discussions on a comprehensive policy package, aiming to achieve a staff level agreement covering the combined first and second reviews under the IMF’s reform program. According to IMF spokesperson Julie Kozack, the ongoing discussions have led to a mutual understanding between IMF staff and Egyptian authorities regarding the main elements of program changes under the existing $3 billion loan to Egypt. The authorities have demonstrated a robust commitment to these changes.
Kozack, in a regular news briefing, stated, “These discussions are ongoing, so I will not get into the details of the discussions, but we certainly will update you once the discussions are finalized.”
Responding to inquiries about any alteration in the IMF’s assessment of the economic impact of the Gaza conflict, Kozack emphasized the necessity of a comprehensive support package for Egypt. She highlighted the collaborative efforts between the IMF, Egyptian authorities, and their partners to ensure that Egypt does not face any residual financing needs. The objective is to guarantee that the program effectively promotes macroeconomic and financial stability in Egypt.
