{"id":550127,"date":"2022-10-16T03:53:04","date_gmt":"2022-10-16T03:53:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/"},"modified":"2022-10-16T03:53:04","modified_gmt":"2022-10-16T03:53:04","slug":"agreement-on-imf-loan-coming-very-soon-following-dc-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/","title":{"rendered":"Agreement on IMF loan coming \u201cvery soon\u201d following DC meeting"},"content":{"rendered":"

<\/a> Close, but no cigar: <\/strong>A meeting between Egyptian officials and the IMF yesterday ended with the two sides not yet able to announce an agreement on a long-awaited emergency loan package to the country. IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement very soon,\u201d Fund Communications Director Gerry Rice said in a statement<\/a> following the meeting.<\/p>\n

We\u2019ve been on the edge of our seats for a week now: <\/strong>Egyptian officials including members of Cabinet and Central Bank Governor Hassan Abdalla were in Washington, DC, last week attending the IMF \/ World Bank annual meetings. They had hinted<\/a> that the loan package could be announced any minute. Ahead of yesterday\u2019s meeting, IMF chief Kristalina Georgieva said<\/a> at a presser on Friday that the assistance package could be finalized \u201cwithin days,\u201d adding that all \u201cbig policy issues\u201d had been resolved, with only a few \u201csmaller, technical details\u201d yet to be ironed out.<\/p>\n

Tunisia got its loan yesterday: <\/strong>The IMF and Tunisian authorities reached an agreement yesterday to extend a USD 1.9 bn loan to the country, according to a statement.<\/a> Georgieva said that the Fund would be holding separate meetings with Egypt and Tunisia on Saturday, saying she was confident that the IMF would \u201cback up\u201d both countries, according to Reuters<\/a>.<\/p>\n

There are more than 20 other countries waiting their turn: <\/strong>Some 28 countries have applied for financial assistance including Egypt and Tunisia, Georgieva said, adding that the IMF still has some USD 700 bn in firepower at the ready to help struggling economies.<\/p>\n

SO WHAT WENT DOWN YESTERDAY?<\/strong><\/p>\n

The IMF says yesterday\u2019s discussions revolved around FX rate flexibility as well as fiscal <\/strong>and <\/strong>structural reform: <\/strong>\u201cIMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank annual meetings,\u201d Rice\u2019s statement reads. He said the two sides made \u201csubstantial progress\u201d on some key points, giving us a rare insight into the content of the negotiations. The statement highlights fiscal reforms (i.e., better budget management and bringing down the national debt) and structural reforms including upping private sector participation in the economy. Crucially, it also gives some detail on the IMF\u2019s desire that the country embrace a more flexible EGP exchange rate.<\/p>\n

What the IMF had to say about FX rate flexibility: <\/strong>According to Rice, yesterday\u2019s meeting saw discussion of \u201cmonetary and exchange rate policies that would anchor inflation expectations, improve monetary policy transmission, improve the functioning of the foreign exchange market, and bolster Egypt\u2019s external resilience.\u201d He says such policies would allow the country to \u201cgradually and sustainably rebuild foreign reserves.\u201d<\/p>\n

Expect a \u201ccomprehensive structural reform\u201d program <\/strong>to include not just upping the private sector\u2019s role in the economy, but measures designed to enhance competitiveness and accelerate our green energy transition, the statement suggests.<\/p>\n

IT\u2019S ALL FX, ALL THE TIME<\/strong><\/p>\n

The Fund is holding the line on exchange rate flexibility: <\/strong>Currency was a key talking point for Georgieva before officials headed into yesterday\u2019s talks. Asked why negotiations had dragged on for seven months and counting, Georgieva said \u201cit boils down to exchange rate policy in Egypt,\u201d saying that \u201cit has to be thoughtfully designed.\u201d<\/p>\n

Georgieva also pointed to the changing of the guard at the Central Bank of Egypt (CBE) <\/strong>as a reason for the delay in talks, noting that the new governor needs to \u201cfeel comfortable with where we are headed with the policy.\u201d Hassan Abdalla was appointed<\/a> to head up the central bank on 18 August, after the sudden exit of Tarek Amer.<\/p>\n

Maait signaled on the airwaves Friday night that we\u2019ve gotten the message on FX: <\/strong>\u201cThe stable FX rate had negative impacts on Egypt\u2019s reserves and the economy as a whole, especially in light of the external global economic shocks,\u201d Finance Minister Mohamed Maait said during a phone-in with Amr Adib on El Hekaya (watch, runtime: 35:03<\/a>), explaining why the lender sees a flexible exchange rate as crucial for the Egyptian economy. Maait said the lender had no demands regarding \u201cthe budget, financial policies, and the subsidy program,\u201d and that it is only keen on exchange rate flexibility. Planning Minister Hala El Said<\/a> and Maait<\/a> have both suggested that the government is in favor of a flexible FX rate for the EGP \u201cif necessary\u201d in recent weeks.<\/p>\n

REMEMBER- The EGP has lost a little more than a quarter of its value against the <\/strong>greenback this year. <\/strong>Pundits see the EGP settling<\/a> somewhere between 22-24 to the USD \u2014 and you, dear readers, think<\/a> the EGP will settle at 22.12 on average.<\/p>\n

MORE PACKAGE SIZE SPECULATION<\/strong><\/p>\n

Both Georgieva and Maait remained tight-lipped about the size of the package<\/strong>, though Maait on Friday said the size would be determined in \u201ctwo or three days.\u201d Reuters<\/a> quotes one source familiar with the matter as saying that the package is likely at the lower end of the USD 3-5 bn range<\/a> expected by some pundits.<\/p>\n

The World Bank will mull over granting Egypt loans \u201cif it stays committed to the path of economic reform,\u201d<\/strong> CNBC Arabia<\/a> quotes World Bank chief David Malpass as saying, without disclosing details on the size or nature of the potential loans. The quote does not appear in the transcript of Malpass\u2019 remarks<\/a>.<\/p>\n

ALSO FROM THE IMF + WORLD BA<\/strong>NK MEETING-<\/strong><\/p>\n

Fiscal reforms are important protection against exogenous shocks, says Azour:<\/strong> \u201cThis is where the importance of adapting the monetary policy, to shield the economy from those external shocks, maintain a fiscal discipline that is very much needed, while strengthening the social protection mechanisms through the various instruments,\u201d IMF director for the Middle East and North Africa Jihad Azour told reporters<\/a> after the presser, explaining what reforms the IMF has been expecting from Egypt. Azour also noted that Egypt\u2019s privatization program \u2014 along with other \u201cstructural reforms\u201d \u2014 will \u201callow Egypt to maintain a high level of growth and address some of the issues that were brought in by the current exogenous shock and crisis.\u201d<\/p>\n

Fiscal support is also key for EMs to overcome rising food and energy prices, CBE <\/strong>governor says:<\/strong> Hassan Abdalla noted (pdf)<\/a> the importance of the IMF and the World Bank\u2019s role in continuing to provide financial assistance, including to \u201cvulnerable middle-income countries,\u201d during a speech delivered at a plenary session he chaired at the gathering.<\/p>\n

Abdalla\u2019s role as chair is notable and signals he is in very good standing with the IMF <\/strong>and World Bank. <\/strong>Abdalla was chairman of a plenary session on Friday that featured World Bank boss David Malpass IMF chief Kristalina Georgieva. You can catch Abdalla\u2019s remarks here (watch, runtime: 54:15<\/a>).<\/p>\n

Abdalla noted the IMF and World Bank \u201chave a central role to play in supporting the <\/strong>membership at this critical juncture<\/strong>,\u201d saying they need to \u201cguide countries\u2019 policy responses while being mindful of social and political economy considerations.\u201d Policymakers, he said, face a basket of challenges including \u201chigh food and energy prices and complicated tradeoffs in monetary policy.\u201d The Bretton Woods institutions need to be \u201cagile and generous,\u201d he added, noting that they have while they have acted rapidly since the start of the pandemic and the crises that have followed, \u201cthey need to continue to widen they support, including to vulnerable middle income countries\u201d such as Egypt.<\/p>\n

BACKGROUND- <\/strong>Talks for an IMF package have stretched on for months:<\/strong> Egypt entered<\/a>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Close, but no cigar: A meeting between Egyptian officials and the IMF yesterday ended with the two sides not yet able to announce an agreement on a long-awaited emergency loan package to the country. IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement very soon,\u201d Fund Communications Director […]<\/p>\n","protected":false},"author":1,"featured_media":550128,"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":[7106,104,72,1840,272,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-fx-rate","tag-imf","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"755fe4d2-0c02-4436-ba79-498f8b62c0fd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/230.jpg","photo_position":"above","related_issue":[550123],"teaser":"","voice_url":""},"yoast_head":"\nAgreement on IMF loan coming \u201cvery soon\u201d following DC meeting - 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\/10\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agreement on IMF loan coming \u201cvery soon\u201d following DC meeting\" \/>\n<meta property=\"og:description\" content=\"Close, but no cigar: A meeting between Egyptian officials and the IMF yesterday ended with the two sides not yet able to announce an agreement on a long-awaited emergency loan package to the country. 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He joined Ala Mas\u2019ouletty (watch, runtime: 15:04) and Hadrat El Mowaten (watch, runtime: 13:31) to talk all things IMF and economy.The announcement on our assistance loan from 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\/10\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614516,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/egypt-is-within-striking-distance-of-imf-agreement-fund-chief-says\/","url_meta":{"origin":550127,"position":1},"title":"Egypt is within striking distance of IMF agreement, Fund chief says","author":"enterpriseam admin","date":"4 February 2024","format":false,"excerpt":"The IMF and Egyptian authorities will continue 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":614597,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/05\/goldman-sachs-morgan-stanleys-two-cents-on-our-imf-agreement\/","url_meta":{"origin":550127,"position":2},"title":"Goldman Sachs, Morgan Stanley\u2019s two cents on our IMF agreement","author":"enterpriseam admin","date":"5 February 2024","format":false,"excerpt":"Goldman Sachs sees a USD 12 bn loan in our future","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\/260.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615819,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egypt-imf-make-excellent-progress-on-first-second-loan-reviews\/","url_meta":{"origin":550127,"position":3},"title":"Egypt, IMF make \u201cexcellent progress\u201d on first, second loan reviews","author":"enterpriseam admin","date":"25 February 2024","format":false,"excerpt":"The IMF and Egyptian authorities have agreed on the main elements of the program","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\/2023\/12\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673249,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/08\/egyptian-delegation-to-head-to-washington-next-week-for-imf-loan-talks\/","url_meta":{"origin":550127,"position":4},"title":"Egyptian delegation to head to Washington next week for IMF loan talks","author":"enterpriseam admin","date":"8 October 2025","format":false,"excerpt":"Discussions are expected to focus on our privatization program and the private sector\u2019s participation in the economy","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\/2025\/7\/121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657712,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/imf-reaches-staff-level-agreement-with-egypt-on-fourth-loan-review\/","url_meta":{"origin":550127,"position":5},"title":"IMF reaches staff-level agreement with Egypt on fourth loan review","author":"enterpriseam admin","date":"25 December 2024","format":false,"excerpt":"The agreement grants Egypt access to USD 1.2 bn pending the Fund\u2019s executive board\u2019s approval","rel":"","context":"In 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