$10 billions of IMF money may go to Egypt

Egypt may secure up to $10 billion from the International Monetary Fund (IMF) if it agrees to a structural reform programme. However, analysts say an IMF deal might require reforms that the government could find difficult to implement.

According to economists quoted in a Reuters report, the reform process in Egypt is moving slower than would be accepted by the fund. A delegation from the IMF may visit Egypt next month to continue the negotiations about the $10 billion funding of its economic programme and of restructurings that include plans for Valued Added Tax (VAT) and subsidy cuts.

Egypt’s economy has been struggling since the 2011 uprising which ushered in political instability and drove away tourists and foreign investors. The country’s reserves have since halved to about $17.5 billion.

Further reading africanews.com

Image by Faris knight, via Wikimedia Commons

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