IMF, Egypt reaches staff level agreement worth US$820 million ...Egypt

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IMF, Egypt reaches staff level agreement worth US$820 million
source : EGYPT INDEPENDENT ( Egypt ) () 112
The International Monetary Fund (IMF) announced on Thursday that it reached a staff level agreement with Egyptian authorities on a set of comprehensive policies and reforms needed to complete the third review under the Extended Fund Facility (EFF) arrangement. Subject to approval by the IMF’s Executive Board, Egypt will have access to about US$820 million, an IMF statement said. The statement comes shortly after a delegation from the fund concluded a two-week visit to Cairo. “Tight monetary conditions are needed in the short term to reduce inflation. A flexible exchange rate regime remains a cornerstone of the authorities’ macroeconomic program,” the IMF added. It explained that the stage is

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