Economics
Egypt Reaches Initial IMF Accord on $12 Billion Program
- IMF announces three-year extended fund facility in Cairo
- Government’s economic program includes VAT and spending cuts
Egypt and IMF Reach Initial $12 Billion Deal
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Egypt reached an initial agreement with the International Monetary Fund over a $12 billion package designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth.
The three-year agreement aims to “improve the functioning of the foreign exchange markets, bring down the budget deficit and government debt, and to raise growth and create jobs,” said Chris Jarvis, the IMF Egypt delegation head. He said the government recognizes the need for the “quick implementation” of measures to restore economic stability.