Egypt and the IMF roll up their sleeves
As predicted, Egypt’s authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters: An IMF technical team will remain in Egypt ...
As predicted, Egypt's authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters:
As predicted, Egypt’s authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters:
An IMF technical team will remain in Egypt for up to 10 days to work out the details of any accord, then return for further talks at the end of January.
Analysts say Egypt is in desperate need of international support to avert a financial crisis, but any agreement is unlikely to prevent a drop in its currency or see any quick revival of the investment needed to fuel growth.
David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist
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