IMF announces ongoing talks with Egypt regarding potential additional financing

(MENAFN) During a press conference on Thursday, International Monetary Fund (IMF) spokeswoman Julie Kozak announced ongoing discussions with the Egyptian government regarding potential additional financing under the current program. The discussions revolve around the necessity of increased funding to address the economic challenges facing Egypt, particularly in the aftermath of the conflict between Israel and Hamas.

This development is within the framework of the program established between Egypt and the IMF, where Egypt sought three billion dollars in December 2022. Kozak clarified that the talks will extend into the coming weeks, with the aim of completing the first and second reviews of the extended financing facilities program. The additional financing is seen as a crucial step in alleviating economic difficulties in Egypt.

These discussions and potential financial support are taking place against the backdrop of the upcoming presidential elections scheduled in Egypt between December 10 and 12. The outcome of these talks will likely have significant implications for Egypt's economic landscape as it navigates the challenges posed by regional conflicts and seeks to foster economic stability and growth.

MENAFN10122023000045015682ID1107565665