IMF and Egypt Agree on Reform Program

The International Monetary Fund (IMF) stated today, Friday, that it has reached an agreement with Egypt on the key policy elements of the country's economic reform program. The IMF added in a statement: "We have made excellent progress with the Egyptian authorities in discussions regarding the comprehensive policy package necessary to reach a staff-level agreement on the economic reform program," noting that Cairo has affirmed its commitment to taking swift action on all fundamental aspects of the reform program. The statement continued: "Our mission will continue discussions with the authorities in the coming days to finalize the economic and financial policy memorandum," pointing out that discussions are ongoing to determine the necessary additional support to help address increasing financing gaps. The IMF stated that it and Egypt agreed on "the critical importance of bolstering social spending to protect the most vulnerable groups. This is essential to ensure suitable living conditions for low- and middle-income families who have been severely affected by rising prices."