Egypt Says IMF Keen on New Program to ‘Preserve’ Economic Gains
Egypt Says IMF Keen on New Program to ‘Preserve’ Economic Gains
(Bloomberg) -- Egypt said the International Monetary Fund is interested in starting a new program with the Arab country to “preserve the success” achieved by its $12 billion loan agreement.
While lauding Egypt’s efforts over the past three years, the IMF’s new managing director said it needed to make a greater effort in developing the country’s human capital, the prime minister’s office said in a statement.
In June, Egypt’s Finance Minister Mohammed Maait said the government was in talks with the IMF to secure a non-financial agreement.
IMF chief Kristalina Georgieva, in a meeting with Prime Minister Mostafa Madbouly in Washington, stressed the fund’s desire “to start a strong cooperation program with Egypt in the coming period, in order to preserve the achievements realized under the reform program and to aid with efforts” to boost structural changes.
The IMF program is credited with helping restore investor confidence in the most populous Arab country, though critics say austerity measures to repair public finances have led to rising poverty rates.
To contact the reporter on this story: Tarek El-Tablawy in cairo at teltablawy@bloomberg.net
To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Paul Abelsky
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