IMF comms director confirms discussions to expand $3B loan

Cairo – December 10, 2023: The possibility of an expanded support package from the International Monetary Fund (IMF) continues to climb, with Communications Director Julie Kozack confirming ongoing discussions and emphasizing the critical need for additional funds as the war on Gaza continues.

“It is clear that additional financing will be critical to ensure the success in the implementation of the policy package for Egypt,” explained IMF Communications Director Julie Kozack during a press conference on Thursday, underlining the potential impact of the conflict, particularly on Egypt's tourism sector.

“The exact size of the financing is part of the ongoing discussions" between the IMF and Egyptian authorities, Kozack explained without disclosing further details.

Journalist and talk show host Lamees El Hadidi recently cited unnamed sources claiming that Egyptian authorities are in talks with the IMF to potentially raise the loan value to $10-12 billion.

The IMF is “seriously considering” an increase in the program given the ongoing regional tensions, explained IMF’s Managing Director Kristalina Georgieva in a press conference in November.

Kozack highlighted "important progress" in discussions regarding a flexible exchange rate, tighter fiscal and monetary policies, and lower inflation. The IMF has yet to announce new review dates after postponing two separate reviews.