The Egyptian President, Abd El Fattah El Sisi, met with the International Monetary Fund’s (IMF) Managing Director, Christine Lagarde, to discuss the IMF aiding funds, Al Mal News reported.
During the meeting, El sisi and Lagarde reviewed the IMF’s loan program for Cairo. Lagarde stated within the meeting, “President Sisi and I discussed the progress of Egypt’s economic reform program supported by the IMF’s $12b Extended Fund Facility arrangement,” adding that Egypt is following a “strong economic reform program.”
Lagarde added that the IMF’s loan is helping Egypt to control the recent inflation.
Meanwhile, sources stated to Al Mal News that Egypt will receive a mission from the World Bank, late April or early May, right after the IMF and the World Bank’s spring meetings that are scheduled to be held from the 17th to the 23rd of April in Washington. The visit aims to negotiate the third $1b tranche of the World Bank loan that was agreed upon late 2015.