{"id":547846,"date":"2022-07-17T03:57:23","date_gmt":"2022-07-17T03:57:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/imf-talks-were-productive-but-theres-no-new-help-just-yet\/"},"modified":"2022-07-17T03:57:23","modified_gmt":"2022-07-17T03:57:23","slug":"imf-talks-were-productive-but-theres-no-new-help-just-yet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/imf-talks-were-productive-but-theres-no-new-help-just-yet\/","title":{"rendered":"IMF talks were \u201cproductive,\u201d but there\u2019s no new help just yet"},"content":{"rendered":"

<\/a> \u201cProductive discussions\u201d with the IMF \u2014 but no agreement yet: <\/strong>The IMF and Egyptian officials held \u201cproductive discussions\u201d on a fresh assistance programme during recent meetings in Cairo, the Fund<\/a> and a government spokesperson<\/a> said in separate statements this past Friday. The staff-level talks, which took place between 26 June and 7 July, focused on the \u201ceconomic policies and reforms\u201d that would be tied to a potential loan agreement, the IMF said.<\/p>\n

It\u2019s not clear when we can expect a breakthrough:<\/strong> \u201cIn the period ahead, we are continuing our close engagement with the authorities towards reaching staff level agreement,\u201d the IMF said. Cabinet spokesperson Nader Saad that the consultations will continue in the coming weeks.<\/p>\n

We did get confirmation of what kind of IMF support to expect: <\/strong>Both sides said they were negotiating funding under an Extended Fund Facility (EFF)<\/a>. This would be Egypt\u2019s second EFF in recent years after it agreed a USD 12 bn, three-year program<\/a> back in 2016.<\/p>\n

And we have backing from the White House: <\/strong>\u201cThe United States commends Egypt\u2019s consultations with the International Monetary Fund and supports the provision of additional funding to Egypt through the IMF\u2019s resilience and sustainability trust,\u201d a joint statement<\/a> from Ittihadiya and the White House read. The statement was released after President Abdel Fattah El Sisi\u2019s sitdown with US President Joe Biden this weekend.<\/p>\n

Talks have been ongoing for several months:<\/strong> Both sides announced<\/a> that Egypt had officially requested a new programme in March in response to the war in Ukraine, which has piled financial pressure on the North African country.<\/p>\n

This isn\u2019t a replay of 2016: <\/strong>CBE governor Tarek Amer has said that Egyptian officials are negotiating a \u201climited\u201d amount of funding<\/a> because the country has already exceeded its quota.<\/p>\n

Is there a chance this will be a \u201cmega\u201d facility?<\/strong> BNP Paribas thinks we could secure as much as USD 10 bn from the IMF to plug our widening funding gap. \u201cCurrent talks between Egypt and the Fund will culminate in a sizable EFF of USD 10 bn or more, without which the central bank\u2019s foreign reserves would be severely depleted,\u201d Mohamed Abdelmeguid, MENA economist at the bank, wrote in a note last week. Support from the IMF and Gulf allies, as well as a recovery of portfolio flows, will be critical to close the funding gap, which could otherwise grow by a further USD 16 bn, he wrote.<\/p>\n

Why we need this:<\/strong> Emerging markets have been particularly hard hit by major portfolio outflows triggered by higher financing costs and the \u201cunprecedented\u201d wave of global inflation, Saad said in the statement. The government has estimated that the country has seen USD 20 bn<\/a> in foreign outflows this year. Any IMF support would be directed to stabilizing the economy and ensuring supplies of key commodities, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cProductive discussions\u201d with the IMF \u2014 but no agreement yet: The IMF and Egyptian officials held \u201cproductive discussions\u201d on a fresh assistance programme during recent meetings in Cairo, the Fund and a government spokesperson said in separate statements this past Friday. The staff-level talks, which took place between 26 June and 7 July, focused on […]<\/p>\n","protected":false},"author":1,"featured_media":547847,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,272,281],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-imf","tag-moustafa-madbouly","wpautop","entry"],"acf":{"mongo_id":"19d96164-776b-492a-ad5a-a55d8ea4f6e2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/163.jpg","photo_position":"above","related_issue":[547838],"teaser":"","voice_url":""},"yoast_head":"\nIMF talks were \u201cproductive,\u201d but there\u2019s no new help just yet - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/imf-talks-were-productive-but-theres-no-new-help-just-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF talks were \u201cproductive,\u201d but there\u2019s no new help just yet\" \/>\n<meta property=\"og:description\" content=\"\u201cProductive discussions\u201d with the IMF \u2014 but no agreement yet: The IMF and Egyptian officials held \u201cproductive discussions\u201d on a fresh assistance programme during recent meetings in Cairo, the Fund and a government spokesperson said in separate statements this past Friday. 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virtual discussions on economic and financial policies","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/127.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611592,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/were-in-talks-with-the-imf-for-a-bigger-package\/","url_meta":{"origin":547846,"position":1},"title":"We\u2019re in talks with the IMF for a bigger package","author":"enterpriseam admin","date":"10 December 2023","format":false,"excerpt":"An IMF spokesperson described the need for more financing as \u201ccritical\u201d due to the war in Gaza","rel":"","context":"In 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The government has been in talks with the IMF\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596527,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/imf-says-no-talks-with-egypt-over-new-program\/","url_meta":{"origin":547846,"position":3},"title":"IMF says no talks with Egypt over new program","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Finish your plate before asking for a new program, IMF tells Egypt: The International Monetary Fund (IMF) will not open talks with Egypt over new support until the government has finished implementing the current program of economic reforms, IMF assistant communications director Camilla Andersen told a press briefing. \u201cWe\u2019re not\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637221,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/imf-reaches-agreement-with-egypt-to-disburse-usd-2-bn\/","url_meta":{"origin":547846,"position":4},"title":"IMF reaches agreement with Egypt to disburse USD 2 bn","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"IMF reaches agreement with Egypt to disburse USD 2 bn: The S&P\u2019s announcement came just hours after the IMF announced that it had reached a staff level agreement with the government on disbursing the USD 2 bn tranche of its USD 12 bn Extended Fund Facility. \u201cEgypt\u2019s economy continues to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":615898,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/ras-el-hekma-transaction-not-linked-to-imf-loan-discussions-says-imf-official\/","url_meta":{"origin":547846,"position":5},"title":"Ras El Hekma transaction not linked to IMF loan discussions, says IMF official","author":"enterpriseam admin","date":"26 February 2024","format":false,"excerpt":"The announcement of the Ras El Hekma agreement indicates that both the Fund and the UAE have \u201ca greater confidence\u201d in Egypt","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547846"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547846\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547847"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547846"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547846"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}