Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Could Increase Egypt's Financing to $10 Billion

Fri 02 Feb 2024 | 03:27 AM
Taarek Refaat

The head of the International Monetary Fund (IMF)  Kristalina Georgieva said on Thursday that the fund is discussing with Egypt an increase in its financing program at a time when the country’s economy faces increasing challenges amid the turmoil in the region.

The director of the IMF explained, during a press conference in Washington, that working with Egypt is a very high priority because it is important partner, in a region, which has become more difficult.

Georgieva's statements come in line with the IMF's mission extending its visit to Egypt until the end of this week, and working on a financing program with other partners that may exceed $10 billion.

She described Egypt's program as a "top priority" and said that the talks are making progress and are discussing increasing the program in light of the developments taking place in the region in recent months, referring to the war between Israel and Hamas in Gaza, located on the Egyptian border, and the decline in revenues from the Suez Canal due to Houthi attacks.

She also explained that the talks need more time, and said: “We are in the final stage, as we are working on the implementation details ... We are very close; we are not talking about a long and extended period at all.”