UPDATE 1-IMF and Egypt agree to finalize work to reach staff agreement “very soon”

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CAIRO, Oct 15 (Reuters) – The International Monetary Fund (IMF) and Egyptian authorities have agreed to finalize work to reach a staff agreement “very soon”, the multilateral lender said on Saturday.

“IMF staff and the Egyptian authorities had very productive face-to-face discussions on the sidelines of the IMF and World Bank Annual Meetings and made substantial progress on all policies,” the IMF spokesperson said. Gerry Rice.

They include monetary and exchange rate policies to anchor inflation expectations, improve the transmission of monetary policy and the functioning of the foreign exchange market, and strengthen Egypt’s external resilience.

These policies will enable the country to gradually and sustainably rebuild its foreign exchange reserves, according to the statement.

The IMF said the talks focused on “continuing the fiscal consolidation path that will preserve public debt sustainability and ensure a steady decline in the debt-to-GDP ratio over the medium term.”

Fiscal and related structural policies aimed at further extending the social safety net for the most vulnerable, improving budget composition and enhancing budget transparency were also discussed, the statement added.

International Monetary Fund chief Kristalina Georgieva said she would meet delegations from Egypt and Tunisia on Saturday and was confident the global lender would “support” them. (Reporting by Moataz Mohamed and Enas al ashray, editing by William Maclean and Philippa Fletcher)

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