The International Monetary Fund plans to put forth a new loan agreement for Egypt before its executive board in the coming weeks, a representative for the Washington-based lender said on Thursday.
“A policy package of reforms will be considered by the fund's executive board, along with the fourth review of programme,” Julie Kozack told reporters during a news briefing at the fund's headquarters.
Ms Kozack said the intention is to present the Resilience and Sustainability Facility (RSF) along with the package of reforms. She did not specify how large the package would be.
The IMF's RSF provides long-term financing to strengthen countries' economic resilience and reduces risks, including ones related to climate change and pandemic preparedness.
IMF staff in December reached an agreement with Egyptian authorities to give the Arab nation access to $1.2 billion.
Egypt's economy has faced several challenges in recent years, including spillover effects from the Gaza war.
Revenue from the Suez Canal – a key source of money for Egypt – has dropped significantly mainly due to Houthi attacks on ships in the Red Sea. Egyptian President Abdel Fattah El Sisi said in December the country had lost about $7 billion in revenue last year, an annual decline of more than 60 per cent.
Regional instability added to a growing list of challenges Egypt's economy has faced in recent years including the war in Ukraine, the Covid-19 pandemic and the government's economic mismanagement.
Ms Kozack said the agreement reached in December will create fiscal space to social programmes benefiting vulnerable groups in the middle class and ensure debt sustainability. The IMF has also urged Cairo to carry out reforms that include lowering inflation, sustaining its flexible exchange rate regime, improve the business environment, and level the playing field between state-owned enterprises and the private sector.
IMF makes case for continued US support
The IMF also defended its position as a key player in supporting the global economy, as recent actions by US President Donald Trump to end support for some institutions raises questions about the fund's future.
Now in his third week in the White House, Mr Trump has undertaken a series of protectionist measures as part of his “America First” agenda while gutting agencies he deems wasteful. That has included shuttering USAID as well as withdrawing from the World Health Organisation and the Paris Climate Accords.
This has led to some questions on the future of US support for multilateral institutions like the IMF and World Bank, both of which were named in Project 2025, a right-wing blueprint for how a Republican administration should manage the federal government.
When asked about concerns that the US could withdraw its support from the IMF, Ms Kozack said the fund has a long history of working with successive administrations.
“We are a global institution. We have a clearly defined mandate to support economic and financial stability, globally, and to ultimately support growth and development in the world economy,” she said.
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs
Engine: 2.0-litre 4-cylturbo
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Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
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Super 30
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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Key facilities
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
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The specs
Engine: 4-litre twin-turbo V8
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