CAIRO – 21 January 2024: An International Monetary Fund (IMF) mission is in Cairo to discuss $3 billion loan for the two reviews of reform program from the Fund, an IMF spokesperson told Reuters.
The IMF mission, headed by Ivanna Vladkova Hollar, Chief of the Middle East and Central Asia department, comprises IMF representatives as well.
While no specific Information has been revealed, the spokesperson assured that Hollar's visit will conclude with the disclosure of updates and outcomes.
The IMF's Middle East and Central Asia director, Jihad Azour, recently visited Cairo earlier this week on a retreat with the IMF’s division regional offices, and met with Egyptian authorities and regional stakeholders, the spokesperson added.
In January, Julie Kozack, the IMF's Director of Communications, highlighted ongoing discussions between the IMF's team and Egyptian authorities. These discussions aimed at supporting the completion of the first and second reviews of Egypt's Extended Fund Facility (EFF) with the IMF.
Kozack emphasized the IMF's commitment to maintaining a partnership with Egypt, particularly during challenging periods such as the Israel-Gaza conflict.
During their recent visit to Washington in January, the Egyptian delegation had a meeting with Kristalina Georgieva, the Managing Director of the IMF.
Georgieva emphasized the IMF's commitment to being a strong partner to Egypt during these challenging times.
In a previous interview with Asharq Bloomberg in December, Georgieva revealed that comprehensive support for Egypt's economic reforms from the IMF is imminent.
Additionally, in November, Georgieva mentioned that the IMF was seriously considering expanding Egypt's $3 billion Extended Fund Facility (EFF) due to the economic consequences of the Israeli-Gaza conflict.
In October, the Egyptian government initiated negotiations with the IMF, expressing confidence in its ability to effectively address the challenges associated with the current program.
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