Maait: Egypt to Define Ways of Cooperation with IMF Next Oct.

Finance Minister Mohamed Maait said earlier this week that Egypt continues to discuss future possibilities with the International Monetary Fund (IMF) to find alternatives for the current program, which ends next July.

According to a statement released by the minister, Egypt is expected to define ways of cooperation with the IMF next October.

He stressed during an interview with Bloomberg Egypt's keenness to continue the partnership with the IMF, particularly following the success of the current reform program, noting that cooperation is being extended to non-loan program in line with the country's reform measures to achieve sustainable development.

"Egypt is keen to apply financial and economic discipline policies in all aspects," Maait noted.

The Minister of Finance made the remarks on the occasion of the expected completion of Egypt's current economic reform program in with the IMF, which began 3 years ago and ends this July.

The reform program succeeded in strengthening the Egyptian economy, making it one of the most successful programs and a role model for developing countries.

Recently, Egypt's economic credit rating has been raised by top international agencies. Standard & Poor's credit rating for Egypt stood at B with a stable outlook, and Fitch's credit rating was last reported at B+ with the same outlook.

Camilla Andersen, Assistant Director of the International Monetary Fund (IMF) Communications Department confirmed at a press conference held last Thursday, that the Fund is not currently negotiating a new IMF program with Egypt in the current period.

“The priority at this junction is to successfully complete the current program,” Andersen said during a press conference, adding that discussions concerning any future arrangements would come after that.

An IMF team led by Subir Lall visited Egypt on May 5-16 to conduct the fifth and final review of the Extended Fund Facility (EFF).

According to the final statement of the mission, Egypt is awaiting the approval of the Executive Board of the Fund to deliver $ 2 billion, bringing the total disbursements under the program to about $12 billion.