IMF open to adjusting Egypt loan program amid calls for review
Updated 10/27/2024 4:47:00 AM
Arab Finance: The International Monetary Fund's (IMF) Managing Director Kristalina Georgieva has expressed openness to modifying the fund’s program with Egypt to better address the country’s current economic challenges, Bloomberg reported.
Speaking at the IMF and World Bank annual meetings in Washington, Georgieva announced her upcoming visit to Egypt within days, aiming to gain firsthand insight into the country’s financial situation.
“We have been very open to adjust the Egyptian program or any other program to what is best to serve the people,” Georgieva stated.
She emphasized that implementing reforms promptly would place Egypt on a stronger economic footing.
“Egypt is better served by undertaking reforms sooner rather than later,” she said. “We are not going to do our job for the country and for the people of the country if we pretend that action that needs to be taken can be forgone.”
Georgieva’s remarks come shortly after Egyptian President Abdel Fattah El-Sisi called for a review of the IMF agreement if it imposes undue hardship on Egyptians.
For his part, Jihad Azour, the IMF director for the Middle East, stressed that maintaining a flexible exchange rate is important to alleviate external shocks.
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