IMF, Egypt agree to finalize work to reach stalemate

The International Monetary Fund (IMF) and the Egyptian authorities have agreed to finalise work to reach a staff-level agreement ‘very soon’
“IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings and made substantial progress on all policies” the statement from IMF spokesman Gerry Rice said.
They include monetary and exchange rate policies to anchor inflation expectations, improve monetary policy transmission and the functioning of the foreign exchange market and bolster Egypt’s external resilience.
The policies would enable the country to gradually and sustainable rebuild foreign reserves.
The IMF said discussions covered “a continued fiscal consolidation path that will safeguard public debt sustainability and ensure a steady decline of the debt-to-GDP ratio over the medium term”.