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Egypt Nears an Elusive Deal With the IMF

Aug 11, 2016 | 14:16 GMT
Egyptian Finance Minister Amr el-Garhy (R) and International Monetary Fund delegation chief Chris Jarvis attend a joint press conference in Cairo on Aug. 11. Egypt’s IMF negotiations are part of a broader program to improve its fiscal situation.
Egyptian Finance Minister Amr el-Garhy (R) and International Monetary Fund delegation chief Chris Jarvis attend a joint press conference in Cairo on Aug. 11. Egypt’s IMF negotiations are part of a broader program to improve its fiscal situation.
(STR/AFP/Getty Images)

The International Monetary Fund reached a preliminary agreement with Egypt on Aug. 11 to create a three-year, $12 billion extended fund facility to help bolster and reform the Egyptian economy. According to the IMF’s mission head, Chris Jarvis, Egypt will continue to implement structural reforms, including boosting fiscal stability to reduce its budget deficit, rationalizing energy subsidies, increasing exchange rate flexibility, spurring competition and improving the labor market. The IMF mission, which has been in Egypt since June 30, will now prepare a report to be approved by the IMF’s executive board....

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