Speaking in Washington on 15 October, the IMF’s director of communications, Gerry Rice revealed that the fund and Cairo “have agreed to finalize their work to reach a Staff-Level Agreement very soon.” On his return from Washington, Egypt’s Finance Minister Mohamed Maait told local press that an agreement had been reached and that just a few details were left to be ironed out before a deal was signed.
Cairo’s finances have been strained following the impact of the coronavirus pandemic in 2020, followed by soaring commodity prices following Russia’s invasion of Ukraine in February of this year. Partially offsetting those issues have been record Suez Canal and LNG revenues (MEES, 21 October & MEES 14 October). (CONTINUED - 157 WORDS)