Egypt in talks with IMF to secure possible funding amid Ukrainian war, sources

Egypt is holding discussions with the International Monetary Fund (IMF) to secure support that could include a loan amid the rising pressure of the Ukrainian war on the country’s economy, sources told Bloomberg.

The sources remarked that the talks are considering several options, including a precautionary and liquidity line or another financial assistance, in addition to a non-financial agreement, called a policy coordination instrument.

These discussions come amid the surging prices of commodities and energy and global monetary tightening, which pose pressures on Egypt’s economy.

It is noteworthy to mention that in July 2020, Egypt agreed with the IMF to secure a new loan worth $5.2 billion, following the $2.8 billion approved in May under the rapid financing instrument.