The Clap
The IMF has revealed that they are in talks with Egypt to provide further financing.
What
The director of the IMF’s Communications Department confirmed talks to increase finance in Egypt, in order to help the government manage the increased economic pressures faced by Israel’s war on gaza.
So What
Citing undisclosed sources, Lamees El Hadidi reported that the increase in funding could bring the program to a total of USD 10-12 billion.
Some context
Egypt has been the recipient of the IMF’s rescue program, which provides USD 3 billion in financing, unlocked through scheduled IMF reviews. The reviews check the government’s progress towards the economic reforms agreed upon. The IMF delayed Egypt’s reviews many times, due to slow progress.
