IMF Nears Agreement with Egypt as Key Loan Program Issues Resolved

The International Monetary Fund (IMF) is on the brink of reaching an agreement with Egypt following the resolution of fundamental issues in the review of Egypt's loan program, according to a breaking news report by Cairo News Channel. The IMF's Managing Director announced that a deal is expected within weeks, marking a significant step forward in Egypt's economic reform efforts.

In a related development, Jihad Azour, the IMF's Director of the Middle East and Central Asia Department, clarified in an interview with Al Arabiya Business that linking the size of the IMF loan to Egypt with the issue of refugees from the Gaza Strip is incorrect. He emphasized that the program was established around a year and two months ago, with the first and second reviews completed before the Gaza conflict, underscoring that the loan amount is tied to Egypt's financing gap and is not influenced by political factors.

Azour also highlighted that while the recent UAE investment in Egypt is a significant event, it is not related to the IMF's negotiations with Cairo. He confirmed that these are entirely separate matters, and the IMF has yet to review the details of the UAE-Egypt deal.

This upcoming agreement with the IMF is viewed as a critical milestone for Egypt, reflecting international confidence in the country's economic policies and its capacity to navigate through current global challenges. The resolution of key issues and the anticipated agreement underscore the IMF's support for Egypt's economic stability and growth.