Egypt Needs ‘Critical’ Gulf Deals to Cover Funding Gap, IMF Says
A man counts Egyptian pounds in Cairo, Egypt.
Photographer: Khaled Desouki/AFP/Getty ImagesThis article is for subscribers only.
Egypt’s Gulf allies need to deliver on billions of dollars of investment pledges on schedule to ensure the North African country covers its external funding gap in the coming years, the International Monetary Fund said.
A $3 billion agreement with the IMF signed in December is due to unlock even larger funds from Egypt’s international and regional partners. The Washington-based lender on Tuesday described investments from Gulf Arab nations as “a critical part of the program’s financing strategy.”