Egypt eyes new IMF deal
Egypt has entered into talks with the International Monetary Fund to discuss a new financing package for the country, whose current economic reform program expires this month.
CAIRO — A few days before the expiry of Egypt's economic reform program financed by the International Monetary Fund (IMF) set in November 2019, Egyptian Finance Minister Mohamed Maait revealed his country initiated unofficial talks to secure a new financing package.
Speaking to Euromoney magazine Oct. 25, Maait voiced Egypt’s ambition to “agree on a new IMF funding package by the end of March.”
Maait noted that the Egyptian government has made several structural reforms to attract investors and stimulate Egyptian Stock Exchange trading. He also pointed to the website launched by the Ministry of Trade and Industry in October, through which investors can directly purchase land allocated for industrial investment.
He also recalled the term sheet, signed between the Ministry of Finance and Euroclear Oct. 18, to efficiently manage Egypt’s public debt. “Egypt is working with Euroclear to enable its debt to be cleared outside of the country that would bring in more international investors and lower the cost of its local currency debt,” Euromoney said.
