Egypt intends to strike a new agreement with the IMF ‘within months,’ Prime Minister Mostafa Madbouly said in a televised news conference on Sunday.
Egypt announced in March that it was in negotiations with the IMF about possible money as well as technical assistance to mitigate the economic effects of a prolonged Russia-Ukraine crisis.
‘The finance minister and the central bank have had meetings with the IMF, and we are making fantastic progress,’ Madbouly added. ‘I don’t want to get ahead of things, but the programme will be operational in a matter of months.’
‘We’re following protocols, and official visits are on the way to finalise the programme,’ he continued.
The Ukraine crisis reduced tourism earnings, raised commodity import costs, and drove out international investors, but Cairo has subsequently received billions of euros in financial aid from many Gulf Arab states.
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