Cabinet: IMF welcomes cooperation with Egypt

The International Monetary Fund (IMF) welcomed on Thursday cooperating with Egypt to fund the country’s economic program.

In a press release that was published by Egypt’s cabinet media center, the IMF said it is keen on discussing the policies that will help supporting Egypt to face current economic challenges in order to restore economic stability and achieve strong and sustainable growth that will help provide more job opportunities. 

An IMF delegation, led by the mission chief for Egypt and an Advisor at the International Monetary Fund's Middle East and Central Asia Department Chris Jarvis, will visit Egypt on Saturday to hold talks concerning supporting Egypt’s economic program as soon as possible, the statement added.

On Tuesday, Egypt’s cabinet, led by Prime Minister Sherif Ismail, discussed negotiations with IMF on supporting the economic reform in Egypt. 

Ismail issued directives to the governor of the Central Bank of Egypt and the minister of finance to jointly continue negotiations with the IMF officials. 

The IMF's financial support is expected to result in $7 billion a year to fund the related projects throughout three years.

Source: MENA