Egypt’s Minister for International Cooperation Fayza Abul Naga declared that the International Monetary Fund (IMF) has agreed to the Egyptian policy to reform economic issues. “The IMF has long emphasized that the Egyptian policy to reform the current economic issues proved to be in its right way to overcome problems, which handicaps the Egyptian Economy to revive,” a press release stated.
“IMF is currently working on figures, and reports to determine if there will be a further co-operation with Egypt or not, but in my point of view, the fund will make a deal with the Egyptian government in few weeks” a private source in the ministry of international cooperation told BikyaMasr.com.
Formally, Egypt requested a $3.2 billion IMF loan earlier this year and the government has said it hopes to seal an agreement as soon as possible, to tackle its financial problems.
Egypt has spent more than $20 billion in foreign reserves since last year’s uprising. Reserves now stand at a worryingly low $15.7 billion, a very dangerous figure for the government to withdraw any funds from it.