Egypt Seeks to Boost IMF Loan to Over $5 Billion Amid Currency Woes
- IMF has delayed reviews of Egypt’s existing $3 billion program
- Egypt’s currency policy is main stumbling block in discussions
Residential and commercial buildings on the city skyline in Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt is in talks with the International Monetary Fund on boosting its rescue program to over $5 billion, according to people familiar with the discussions, confident it can overcome the roadblocks facing its existing package by addressing concerns including its currency policy.
Any announcement on a potential increase from the $3 billion secured last year would only come after Egypt completes its two delayed program reviews, said the people, who asked not to be identified as the matter is confidential. No decision has yet been made, they said.