The Clap
A new support package from the International Monetary Fund (IMF) could be reached during the coming months, according to Prime Minister Mostafa Madbouly.
The deets
The government began negotiations with the IMF last March to obtain new financing in order to weather the economic repercussions of the Russian-Ukrainian war.
The Prime Minister stated that the talks between the CBE, the Ministry of Finance & the IMF have been successful so far.
Why this matters
If Egypt succeeds in reaching a new agreement, it will be the third loan Egypt receives from the IMF in 6 years. The IMF provided $12 billion over 3 years to Egypt in 2016, and a second agreement worth $5.2 billion in 2020.
