Egypt’s finance minister has revealed that there are no plans for the government to consider an International Monetary Fund (IMF) financing package. This is after the international lender gave a cautiously optimistic assessment of the North African country’s financial management.
“We’re open to all types of collaboration with all institutions, with all sources of financing as needed,” Hany Kadry Dimian told Reuters. “But there are no concrete plans for the time being to talk about, or to consider, an IMF financing package.”
Last September, Egypt announced plans to cut costly energy subsidies and introduce further tax reforms to boost the economy and halve the budget deficit within seven years. The country has struggled to meet soaring energy demands, which resulted in daily electricity cuts around the country of 86 million people.
Since President Abdel Fattah Al-Sisi came into power, the government has received billions of dollars in grants, loans and petroleum products from the United Arab Emirates, Saudi Arabia and Kuwait.