The IMF reports "excellent progress" in talks with Egypt to enhance its loan program, addressing economic challenges including Gaza war impacts and Suez Canal disruptions.

The International Monetary Fund (IMF) has reported "excellent progress" in talks with Egypt to enhance its IMF loan program, with a comprehensive support package needed to help the country deal with economic challenges, including those arising from the war in Gaza. IMF staff and Egyptian authorities have agreed on the main elements of program changes under the combined first and second reviews of Egypt's existing $3 billion loan. The IMF is closely monitoring the economic impact of attacks on the Suez Canal and Red Sea shipping, which are diverting trade flows away from the canal and adding time and costs to Europe-Asia voyages.

February 22, 2024
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