{"id":548806,"date":"2022-08-23T04:00:41","date_gmt":"2022-08-23T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/imf-talks-in-final-stages-says-madbouly\/"},"modified":"2022-08-23T04:00:41","modified_gmt":"2022-08-23T04:00:41","slug":"imf-talks-in-final-stages-says-madbouly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/imf-talks-in-final-stages-says-madbouly\/","title":{"rendered":"IMF talks in \u201cfinal stages,\u201d says Madbouly"},"content":{"rendered":"

<\/a> Egypt and the <\/strong>IMF are in the \u201cfinal <\/strong>stages\u201d of talks for a fresh facility<\/strong> to help shore up the economy, Prime Minister Moustafa Madbouly said in a cabinet statement<\/a> yesterday. The statement didn\u2019t provide any details about the talks.<\/p>\n

Madbouly\u2019s statement comes amid growing pressure on the EGP<\/strong> and less than a week after the resignation of Central Bank of Egypt Governor Tarek Amer<\/a>, a move that some in the capital city think will pave the way to a fresh devaluation of the EGP. Allowing a flexible exchange rate policy is likely to be one of the IMF\u2019s key conditions for agreeing to a new loan, which is increasingly important to policymakers who are managing external funding pressures prompted largely (but not entirely) by fallout from Russia\u2019s war in Ukraine.<\/p>\n

Five months and counting:<\/strong> Egypt entered talks with the IMF in March<\/a> as part of a bid to lock in financial support following the economic shocks caused by Russia\u2019s war in Ukraine, rising interest rates, and the global-risk off in financial markets. Neither side has publicly spoken about any details of the talks or how much money Egypt is negotiating for. Goldman Sachs estimated that we could need as much as USD 15 bn to fund our debt repayments and current account deficit over the next few years, a figure that Finance Minister Mohamed Maait subsequently said<\/a> is too high and \u201ctotally inaccurate.\u201d<\/p>\n

Strings attached: <\/strong>In an indicator of the conditions it wants to attach to the program, the IMF has called on Egypt to take \u201cdecisive\u201d steps<\/a> on fiscal and structural reforms. President Abdel Fattah El Sisi has publicly appealed to the Fund<\/a> to allow Egypt some breathing room until the crisis abates. In addition to further currency devaluation, the central bank\u2019s subsidized loan programs may be on the chopping block while bread subsidy reform may or may not still be up for negotiation, according to reports yesterday.<\/p>\n

All subsidized loan programs need to go:<\/strong> The IMF wants the Central Bank of Egypt to \u201cunify interest rates\u201d and end its aggressive program of subsidized, low-interest loans for key sectors of the economy, Bloomberg Asharq<\/a> reported yesterday, citing three government sources. The CBE has launched programs in recent years that allow commercial banks to provide low-cost finance to tourism operators<\/a>, SMEs<\/a>, housing<\/a>, and most recently agriculture<\/a>. The loans are funded by the central bank, distributed via state-owned banks, and guaranteed by the Finance Ministry.<\/p>\n

Th<\/strong>e government is pushing back on scrapping subsidized loans:<\/strong> The Madbouly government has taken off the table the IMF\u2019s proposal to halt the loans, a government source told Enterprise yesterday. The source defended the policy, saying the programs are designed to boost economic growth and will not impact the nation\u2019s budget deficit.<\/p>\n

I<\/strong>s the IMF easing off demands to reform bread subsidies?<\/strong> The IMF understands that \u201cnow is not the time to tamper with bread subsidies,\u201d Supply Minister Ali El Moselhy told Al Arabiya<\/a> yesterday, saying that the fund is aware of the need to make sure \u201cinstability does not occur due to certain measures.\u201d Plans to overhaul the longstanding bread subsidy system \u2014 which offers loaves at lower prices to more than 60 mn people \u2014 have been put on hold amid soaring food prices. The government will spend EGP 55 bn on bread subsidies<\/a> this fiscal year, El Moselhy said previously.<\/p>\n

IN OTHER ECONOMY NEWS-<\/strong><\/p>\n

Egypt GDP to grow 6.2% this year -AMF:<\/strong> The Egyptian economy will grow at a 6.2% clip in FY 2022-2023, up from 5.5% last year, according to the Arab Monetary Fund\u2019s latest outlook (pdf)<\/a>. The figure is slightly higher than the 5.9% growth penciled in for Egypt this fiscal year in the IMF\u2019s most recent forecast<\/a>. The Arab fund expects growth to moderate to 5.5% in FY 2023-2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt and the IMF are in the \u201cfinal stages\u201d of talks for a fresh facility to help shore up the economy, Prime Minister Moustafa Madbouly said in a cabinet statement yesterday. The statement didn\u2019t provide any details about the talks. Madbouly\u2019s statement comes amid growing pressure on the EGP and less than a week after […]<\/p>\n","protected":false},"author":1,"featured_media":548807,"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":[271,104,1419,72,272,349,281],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-egp","tag-enterpriseam","tag-imf","tag-interest-rates","tag-moustafa-madbouly","wpautop","entry"],"acf":{"mongo_id":"749b35e6-ac62-4dbd-8826-5b09c99fdfad","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/354.jpg","photo_position":"above","related_issue":[548802],"teaser":"","voice_url":""},"yoast_head":"\nIMF talks in \u201cfinal stages,\u201d says Madbouly - 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\/08\/23\/imf-talks-in-final-stages-says-madbouly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF talks in \u201cfinal stages,\u201d says Madbouly\" \/>\n<meta property=\"og:description\" content=\"Egypt and the IMF are in the \u201cfinal stages\u201d of talks for a fresh facility to help shore up the economy, Prime Minister Moustafa Madbouly said in a cabinet statement yesterday. 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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":549101,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/","url_meta":{"origin":548806,"position":1},"title":"The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"Still more from Bloomberg on our FX challenges: Protracted negotiations with the IMF over a new loan and risk of further devaluation are putting more pressure on the local debt market, Bloomberg writes \u2014 it\u2019s the latest in a long string of stories from the business information service (and on\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\/9\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546690,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/imf-program-in-2-months\/","url_meta":{"origin":548806,"position":2},"title":"IMF program in 2 months?","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"Egypt hopes to finalize a fresh assistance program with the IMF \u201cwithin two months,\u201d Prime Minister Moustafa Madbouly told lawmakers yesterday in an address focusing on the government\u2019s response to what he said was the worst global crisis since the Second World War, according to cabinet statements (hereand here). Madbouly\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\/332.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549063,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/bnp-paribas-thinks-were-getting-usd-3-5-bn-from-the-imf\/","url_meta":{"origin":548806,"position":3},"title":"BNP Paribas thinks we\u2019re getting USD 3-5 bn from the IMF","author":"enterpriseam admin","date":"1 September 2022","format":false,"excerpt":"BNP Paribas has revised down its prediction on the size of the loan we\u2019ll be getting from the IMF to USD 3-5 bn in a research note yesterday. The French bank in July said we would need USD 10 bn or more from the multilateral lender to plug our growing\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\/9\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548129,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/the-imf-just-sent-us-a-message\/","url_meta":{"origin":548806,"position":4},"title":"The IMF just sent us a message","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"IMF wants Egypt to move faster, more decisively on reforms: The IMF yesterday called on the Egyptian government to take \u201cdecisive\u201d steps on fiscal and structural reforms, a message that comes as we are locked in talks on a new assistance package from the fund to help us through the\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\/7\/279.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577375,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/central-bank-to-end-support-for-subsidized-loans\/","url_meta":{"origin":548806,"position":5},"title":"Central bank to end support for subsidized loans","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"The Central Bank of Egypt is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries, under a decree issued by Prime Minister Moustafa Madbouly in the Official Gazette yesterday. Refresher: For the past couple of years, the CBE has run\u2026","rel":"","context":"In "Policy"","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/315.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\/548806","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=548806"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548806\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548807"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548806"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548806"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}