International Monetary Fund comments on Egypt’s Ras al-Hikma deal ...Egypt

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, said that Egypt’s announcement on Friday of a $35 billion investment deal from the UAE in the Ras al-Hikma project on the Mediterranean is a “very positive sign.” She added that the IMF’s agreement with Egypt will be finalized in a few weeks, following the resolution of key issues related to the program review. Georgieva told Reuters that the IMF is likely to increase the size of the Egypt program due to external shocks. She described the talks with the Egyptian government as “very constructive” adding that, “We want to give Egypt time to make decisions on monetary policy.” The IMF Managing Director stressed

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