Egypt, IMF working out ‘remaining points’ on loan -finance minister

Intercontinental Financial Fund emblem is witnessed within the headquarters at the conclude of the IMF/Environment Financial institution yearly conferences in Washington, U.S., Oct 9, 2016. REUTERS/Yuri Gripas

CAIRO, July 27 (Reuters) – Egypt and the International Monetary Fund are discussing remaining points in negotiations more than a new prolonged fund facility, Finance Minister Mohamed Maait instructed Al-Arabiya on Wednesday.

Requested if there had been differences amongst Egypt and the IMF, Maait explained: “In talks with any individual you go from just one stage of see to an additional. The talks are ongoing, they manufactured incredibly, very good progress, we are talking about the remaining factors.”

On Tuesday, in an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020, the IMF stated that the place wanted to make “decisive development” on fiscal and structural reform. read a lot more

The IMF also mentioned that better exchange fee variability could have helped prevent a buildup of exterior imbalances and aid adjustment to economic shocks.

Reporting by Ahmed Tolba Writing by Nadine Awadalla editing by Aidan Lewis and Grant McCool

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