IMF committed to supporting Egypt's funding

The International Monetary Fund (IMF) on Monday said it remained committed to supporting Egypt's funding needs to tide over its fiscal and economic challenges. "The IMF is fully committed to supporting Egypt at this critical time. We are currently reviewing the authorities' economic program and their macroeconomic projections," Conny Lotze, an IMF spokeswoman, said in response to emailed questions from Xinhua. If necessary, the Washington-based global lender could provide a short-term loan using the Rapid Financing Instrument (RFI), as both sides work on the long-term loan program. Whether to request the short-term funding is up to the Egyptian authorities, Lotze noted. In November last year, the Egyptian government and the IMF reached a preliminary loan agreement of 4.8 billion U.S. dollars, which was expected to be signed in December but was delayed due to Egypt's domestic political turmoil. The two sides remained in discussions on possible IMF financial support. "We are discussing with them the next steps in our engagement," Lotze said.