A high-level Egyptian delegation, led by Central Bank Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat, held crucial meetings in Washington with International Monetary Fund (IMF) chief Kristalina Georgieva and US Treasury Secretary Janet Yellen. The visit aimed to strengthen bilateral cooperation and progress on expanding Egypt’s $3bn IMF loan program, currently stalled due to currency and asset sale reforms. They expressed eagerness to finalize the IMF program and deepen bilateral economic ties with the United States. Secretary Yellen reaffirmed strong US support for Egypt’s reform program, underscoring the goal of bolstering Egypt’s economy and supporting inclusive, sustainable growth. Disbursements of $700m of the IMF loan were delayed in 2023 due to lack of progress, but IMF talks to expand the loan amid regional risks offer a potential olive branch.

Source: Daily News Egypt January 10, 2024 17:47 UTC