IMF Chief, US Treasury Secretary To Meet With Egyptian Officials Over Loan, Reforms

2024-01-09 11:36:05

(MENAFN- Daily News Egypt) IMF chief Georgieva and US Treasury Secretary Yellen will meet Egyptian officials in Washington today, seeking progress on expanding Cairo's $3bn loan program, stalled by currency and asset sale reforms.

The high-level talks occur as both Egypt and the region face economic headwinds – Egypt from internal reforms and the fallout from the Israel-Gaza conflict, and the region from potential wider escalation.

Yellen aims to hear Egypt's economic plans and reiterate US support for reforms fostering growth. However, progress hinges on Egypt meeting IMF demands, including currency flexibility and asset sales.

Disbursements of $700 million were delayed in 2023 due to lack of progress, but IMF talks to expand the loan amid regional risks offer a potential olive branch.

Yellen will meet Finance Minister Maait, International Cooperation Minister Al-Mashat, and central bank chief Hassan Abdalla.

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