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Egypt and IMF working out ‘remaining points’ on loan

President of Egypt Abdel Fattah al-Sisi Reuters/Christian Mang
President of Egypt Abdel Fattah al-Sisi

Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday.

Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, they made very, very good progress, we are discussing the remaining points.”

On Tuesday, in an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020, the IMF said that the country needed to make “decisive progress” on fiscal and structural reform.

The IMF also said that greater exchange rate variability could have helped avoid a buildup of external imbalances and facilitate adjustment to economic shocks.