IMF to unveil new loan package for Egypt
Head of the Communications Department (COM) at the International Monetary Fund, Julie Kozack (Photo courtesy of IMF)
WASHINGTON — The IMF plans to unveil a new loan agreement with Egypt for approval by its board, the global lender's communications chief said Thursday, as the country looks to strengthen its economy.
"A policy package of reforms will be considered by the Fund's executive board, along with the fourth review of Egypt's program," International Monetary Fund communications director Julie Kozack told reporters in Washington.
Kozack said the new planned loan agreement would take the form of a Resilience and Sustainability Facility, or RSF, designed in part to help countries tackling climate change, adding that she could not yet confirm how large it will be.
Last year, the IMF expanded its existing loan package from $3 billion to $8 billion to help Egypt manage its economic challenges amid regional instability unleashed by the war in Gaza.
A draft agreement was reached on a review of Egypt's existing loan program back in December which should unlock an additional $1.2 billion to help the Egyptian economy as it battles a series of headwinds.
The executive board's approval is largely a rubber-stamping exercise, with disagreements between stakeholders usually ironed out before the vote.
Repeated attacks on Red Sea shipping by Yemen's Huthi rebels in support of Palestinians in Gaza caused Egypt's revenues from the Suez Canal - a key foreign currency earner — to plummet.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ammon
a day ago
- Ammon
King concludes working visit to Europe
Ammon News - His Majesty King Abdullah II concluded his working visit to Europe that included Spain, the United Kingdom, and France. In Spain, His Majesty met with King Felipe VI of Spain in Madrid on Thursday. The meeting covered the importance of continued coordination between Jordan and Spain on issues of mutual concern, as well as keenness to elevate bilateral relations to the level of strategic partnership. His Majesty commended Spain's support for the rights of Palestinians, as well as its support of creating a political horizon to achieve peace on the basis of the two-state solution, and the need to stop the war on Gaza and resume the flow of sufficient humanitarian aid to all areas of the Strip. Also, His Majesty King Abdullah II and President of the Government of Spain Pedro Sánchez witnessed the signing of a joint declaration on the strategic partnership between Jordan and Spain on Thursday. The declaration aims to elevate bilateral relations between Jordan and Spain to a strategic level in the development-related, economic, commercial, social, cultural and defence fields, with the aim of achieving goals of mutual interest, and enhancing security and stability. In addition, a memorandum of understanding for cooperation in the agriculture sector, and an extradition agreement were signed. During expanded talks with Prime Minister Sánchez, His Majesty emphasised the significance of these agreements, which will serve to enhance cooperation between the two countries across all fields, and noted the importance of maintaining coordination, and building on the two countries' long history of mutual respect and commitment to the pursuit of peace and stability around the world. The King expressed appreciation for Spain's support to Jordan's services to refugees, as well as its economic and administrative modernisation efforts, noting readiness to deepen cooperation in the economic and tourism fields. Speaking about regional developments, His Majesty praised Spain's position calling for an end to the war on Gaza, and ensuring that delivery of humanitarian aid reaches all areas of the Strip. The King highlighted the importance of Spain's decision to recognise the Palestinian state, a step that will lead to more support for the Palestinian people. His Majesty said work is underway to gain more European support for the Arab plan to rebuild Gaza without displacing its residents, commending Spain as the voice of reason and wisdom. The King warned of the dangers of unilateral measures targeting Palestinians in the West Bank, and Muslim and Christian holy sites in Jerusalem. His Majesty reiterated the need to step up international efforts to support Palestinians in gaining their legitimate rights to establish their independent state on the basis of the two-state solution. For his part, Prime Minister Sánchez praised Jordan's important efforts, under the leadership of His Majesty, to promote security and stability in the region and the world, noting Jordan's vital role in supporting Palestinians. Sánchez added that the war on Gaza, which has claimed the lives of tens of thousands of innocent civilians, must be brought to an end. In the United Kingdom, the King met with Prime Minister Sir Keir Starmer, and they discussed bilateral relations and regional developments during their meeting in London on Thursday. During a bilateral meeting followed by an expanded one at 10 Downing Street, His Majesty affirmed Jordan's commitment to continuing to build on the deep-rooted ties and historic friendship between Jordan and the UK. His Majesty commended the joint efforts by Jordan and the UK to address developments in the region, emphasising the need for coordination at the bilateral and Arab-European levels. Regarding regional developments, the King stressed the need to step up international efforts to immediately end the war on Gaza, and ensure the flow of humanitarian aid. His Majesty praised the UK's support to the humanitarian response in Gaza, highlighting the importance of its efforts to achieve stability in the region, and just and comprehensive peace on the basis of the two-state solution. The King also warned of the dangers of recent escalations in the West Bank, as well as the attacks on Muslim and Christian holy sites in Jerusalem, reiterating Jordan's position that rejects the displacement of Palestinians from their land. His Majesty also highlighted Jordan's readiness to maintain coordination with the UK in service of the two countries' mutual goals and interests, as well as on regional issues. For his part, Prime Minister Starmer thanked His Majesty for his leadership and efforts, particularly in the region, in relation to the conflicts taking place, noting that their meeting was an important opportunity to discuss and exchange views on regional issues and bilateral relations. Starmer pointed out the importance of the two countries continuing to work together, including efforts to immediately reach a ceasefire in Gaza, and ensure the delivery of urgent humanitarian aid as quickly as possible. He agreed that the only long-term solution is the two-state solution. His Majesty met in London on Friday with current and former British officials, and members of the House of Commons and House of Lords to discuss key developments in the Middle East. The meeting covered the situation in Gaza, with His Majesty emphasising the need to immediately end the war on Gaza, and ensure the entry of sufficient aid to alleviate the dire humanitarian situation in the Strip. The King highlighted the importance of the UK's role in bringing stability to the region, and creating a political horizon to achieve just and comprehensive peace on the basis of the two-state solution. Discussions also touched on current developments in the West Bank, Jerusalem, and Syria. In France, His Majesty met with number of officials, heads of state, and Prime Ministers. The King also met with France President Emmanuel Macron in Nice, where His Majesty stressed Jordan's readiness to strengthen ties with France across various sectors, which will contribute to enhancing stability in the Middle East. The two leaders highlighted the importance of maintaining coordination on regional issues, stepping up international efforts to reach comprehensive calm in the region, immediately reinstating the ceasefire in Gaza, and resuming the entry of humanitarian aid. His Majesty warned of the serious consequences of continued escalations in the West Bank and Jerusalem, reiterating that granting Palestinians their full legitimate rights is the only way to stabilise the region.
Roya News
5 days ago
- Roya News
Australian engineer freed from Iraqi prison after four years
After spending more than four years in an Iraqi prison, Australian engineer Robert Pether has been granted a conditional release — a development welcomed by his family and supporters. Pether, 50, was arrested in 2021 alongside a colleague over a contract dispute involving their employer, CME Consulting, and the Central Bank of Iraq. The pair were later convicted of fraud and sentenced to five years in prison and a USD 12 million fine. However, the UN has described Pether's detention as arbitrary and in violation of international law, while a 2022 ruling by the International Chamber of Commerce found the Iraqi central bank to be at fault in the business dispute. Pether's wife, Desree, who lives in Ireland with the couple's family, described the news as a moment of mixed emotions. 'It's the first time in over four years that we've taken one step in the right direction,' she told the BBC. 'There's a tiny glimmer of hope, but there's another mountain still to go over. He needs to be home and in hospital.' According to Desree, her husband is in poor health after years of incarceration. He is unable to keep food down and has reportedly not eaten properly in months. She also raised concerns that he may be suffering a relapse of skin cancer. 'He's unrecognisable. If he got on a plane now and they were checking his passport, they would not know it was the same person,' she said. Although freed from prison, Pether is still facing legal proceedings in Iraq and remains under a travel ban. The family has now launched a crowdfunding campaign in the hopes of securing private hospital treatment for him in Baghdad. Australian Foreign Minister Penny Wong described the release as a "positive development" following years of advocacy. "I know the personal toll Mr Pether's detention has taken on him and his family and hope this news brings a measure of relief after years of distress," she said, adding that Australia remains concerned about his health and the unresolved legal matters. Ireland's Deputy Prime Minister Simon Harris also welcomed the news, saying that Iraq's Foreign Minister had personally confirmed Pether's release in a phone call. 'I welcomed this as a first step to his being allowed to return to his family in Roscommon,' Harris said. Pether had been living in County Roscommon prior to his arrest and had spent nearly a decade working in the Middle East. He was leading a major reconstruction project for the Central Bank's Baghdad headquarters when he and his Egyptian colleague Khalid Radwan were detained.
Al Bawaba
5 days ago
- Al Bawaba
The Imf and Auc Wrap Up First Mena Economic Research Conference: Steering Macroeconomic and Structural Policies in a Shifting Global Economic Landscape
Following two days of high-level dialogue and expert analysis, the inaugural IMF MENA Economic Annual Research Conference co-organized by the International Monetary Fund (IMF) and the American University in Cairo (AUC), concluded with a strong call for coordinated, evidence-based policy responses to the region's old and new pressing economic on May 18–19, 2025, the conference served as a critical platform for advancing rigorous research tailored to the realities of the Middle East and North Africa. It brought together global policymakers, academics, government officials and thought leaders to bridge the discussion on global economic issues with regional realities. The event marked a first-of-its-kind collaboration between the IMF and a leading University in the region, reflecting a shared commitment to deepening the link between academic research and policy development. Jihad Azour, director of the IMF's Middle East and Central Asia Department, noted that that trade tensions and increasing uncertainty affecting the global economy, alongside ongoing regional conflicts and climate risks, are creating new layers of complexities for MENA policymakers. Azour called for building a regional platform for dialogue and exchange of ideas that connects MENA to world-class research centers to provide reliable analysis and develop workable and innovative policy responses to old and new economic issues facing the region. 'We are deeply grateful to President Ahmad Dallal and AUC for their commitment to fostering dialogue, research, and policy innovation in the region.'AUC President Ahmad Dallal highlighted the event's role as a vital platform in fostering collaboration between governments, academia and the private sector. "This is about generating ideas that are globally informed but deeply rooted in the realities of our region," he affirmed that this type of multi-stakeholder engagement is at the heart of AUC's mission and reflects the University's commitment to research, education, and open dialogue as drivers of stability, resilience, and inclusive the theme 'Steering Macroeconomic and Structural Policies in a Shifting Global Economic Landscape,' discussions centered on four pivotal issues shaping the future of the MENA region and the global economy:• Fiscal Policy: With public debt at historic highs, experts stressed the importance of rebuilding fiscal buffers while tackling social inequalities, aging populations, and climate pressures. Proposals included reforms in fiscal frameworks and measures to mobilize revenues, including through multinational taxation and more progressive tax systems.• Monetary Policy: Participants reflected on the lessons of recent inflationary shocks, emphasizing the need for more preemptive and well-communicated policy responses to global shocks and sector-specific disruptions, particularly for emerging markets.• Industrial Policy: Speakers examined the renewed interest in industrial policy as a tool to drive inclusive growth, innovation, and climate resilience. The discussion highlighted the need to balance vertical strategies with horizontal reforms that promote private investment, trade integration, and productivity.• Green Transition and AI: The intersection of climate action and digital transformation sparked debate about their potential to reshape labor markets. Recommendations included investing in human capital, developing targeted safety nets, and aligning policy tools to support job creation in low-emission the sessions, there was a clear consensus that the MENA region's economic resilience depends on institutional reforms, cross-border cooperation, and investment in skills and innovation. Participants also underscored the importance of embedding policy in local realities—an approach that both the IMF and AUC pledged to champion moving addition to prominent global and regional academics, as well as economists and government officials from across the region, and representatives of international and regional organizations, the conference brought together policymakers, including Rania El Mashat, minister of planning, economic development and international cooperation, Egypt; Youssef Boutros-Ghali, member of the Specialized Council for Economic Development, Egypt; Mahmoud Mohieldin, United Nations special envoy on financing the 2030 Sustainable Development Agenda; and Martin Galstyan, governor of the Central Bank of Armenia. As Nigel Clarke, IMF deputy managing director concluded, "This conference is a milestone demonstrating the IMF's commitment to deepening engagement with the research and academic community, as we strive to ensure that the IMF support is not only responsive to the needs of member countries, but also built on rigorous tested analytics and importantly, it's aligned with local realities. Through this kind of multi-stakeholder dialogue, we aim to better understand how all our expertise and resources can be directed towards the most pressing challenges of the region.'
