Egypt Turns to IMF Seeking Help for Economy Amid Ukraine Shock
- New loan may be part of program talks, Egyptian Cabinet says
- IMF sees need for continued FX ‘flexibility’ after pound drop
Photographer: Shawn Baldwin/Bloomberg
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Egypt is seeking support from the International Monetary Fund, possibly including a new loan, as its economy comes under pressure amid fallout from Russia’s war in Ukraine.
Egypt’s Cabinet said the country has requested discussions on a new program that “may include additional financing.” Earlier on Wednesday, IMF mission chief Celine Allard said fund staff are “working closely” with officials in Cairo to prepare for talks on a program that would “mitigate the impact of this shock on the Egyptian economy.”