The Clap
Jihad Azour, a director in the IMF, said that the Fund’s negotiations with Egypt regarding the required loan are progressing and will be completed within a short period.
The Deets
Azour said that reform programs are currently being negotiated, and economic programs are already in place, but the final determination of the loan amount will be after the negotiations are over.
The IMF has some demands from Egypt to be able to obtain the loan, such as greater flexibility in the currency exchange rate, and unifying the interest rate.
Background
The Prime Minister confirmed before that the negotiations with the IMF had reached their final stages. The Minister of Finance also confirmed that the loan that Egypt is requesting is less than $15 billion.
Why this Matters
Negotiations with the IMF have been ongoing without results, which led some analysts to deduce that this influenced the big drop that occurred in the EGX.
IMF: Negotiations with Egypt are close to ending ⏳
