IMF praises Egypt’s commitment to reform program

Egypt again telegraphs it won’t be signing up for another IMF loan after drawing down the last of the current USD 12 bn facility: IMF Middle East and Central Asia Director Jihad Azour gave Egypt tubtubs as he met yesterday with Prime Minister Moustafa Madbouly and Central Bank of Egypt Governor Tarek Amer. Azour spoke positively of Egypt’s commitment to the ongoing reform program and of the government’s coordination in implementing it, according to a Cabinet statement. Amer left the door open to technical cooperation with the IMF after the USD 12 bn extended fund facility is fully drawn down this year. Finance Minister Mohamed Maait had said last year that Egypt will not ask the IMF for further funding once the facility ends, but will keep an open dialogue with the institution to maintain investor confidence.