In a news conference, she also stated that the two parties are still negotiating over minor technical points, but these are not straightforward concerns related to the currency rate rules in Egypt.
Egypt is in the last stages of negotiations with the fund, according to Egyptian Finance Minister Mohamed Moait, who stated this to a local TV station late on Friday night. He predicted that Egypt will sign an agreement with the IMF “very soon.”
“Moait did not specify how much money Egypt needed, stating that the IMF and Egypt are still negotiating the details, but the precise amount will be revealed in the next two days.
According to Moait, the IMF did not submit demands for the budget, financial guidelines, or support programme.
“The fund is keen on this stage that requires social protection and assisting the groups of society affected by the inflationary wave,” he said.
“The fund is interested on the flexibility of the exchange rate,” he continued.
Egypt seeks to obtain a new package from the International Monetary Fund during the annual meetings of the International Monetary Fund and the world in Washington this week in the hope of stopping the currency crisis that restricted imports and raised market concern about paying external debt.
Talks with the IMF about the financial assistance package started in March, not long after the Ukrainian crisis, which had already thrown the country’s already unstable financial system into further chaos and caused foreign investors to pull about $ 20 billion from the Egyptian bond markets in a matter of weeks.
Goldman Sachs Bank estimated that Egypt needed a total support package of $ 15 billion in addition to the money that was already received from the Gulf countries earlier this year.
Moait told the local media that Egypt could only anticipate receiving between three and five billion dollars, but an informed source claimed that the sum would not go above the minimum of this range.
Egypt is almost ready to accept the loan from the International Monetary Fund.
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