Egypt’s IMF Deal May be Reviewed Due to Economic Pressure
Egyptian President Abdel-Fattah El-Sisi said Sunday his government could review the current International Monetary Fund program if it’s creating a burden on the nation’s residents.
El-Sisi, speaking at a conference, said that the $8 billion deal which Egypt reached with the Washington-based fund earlier this year is being implemented under “extremely difficult regional, international and global circumstances” that impact all nations.
Egypt has already lost $6 billion or $7 billion in the past seven to 10 months, he said, referring to the economic hit the nation has taken due to the ongoing Mideast conflict.
“We have agreed with the IMF, and this is an important matter, and I say to the government and to myself, that if this challenge” will create pressure on the public that they can’t bear, “the situation must be reviewed and the situation with the fund must be reviewed,” he said.
