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Thursday, 25 August 2016

El Garhy and Amer in DC for a round of IMF talks?

El Garhy and Amer in DC for another round of IMF talks? Finance Minister Amr El Garhy and CBE Governor Tarek Amer are currently in Washington, DC, for a round of talks with senior executives from the IMF on the USD 12 bn extended fund facility, officials tell Al Masry Al Youm. The meeting will likely focus on the USD 5-6 bn in funding from “friends and allies” that the IMF has asked Egypt to line up as a condition of the facility. Amer reportedly flew there following negotiations with the UAE government that secured a six-year, USD 1 bn deposit, the sources added. The pair are also expected to promote the upcoming USD 3 bn eurobond issuance. The trip has not been officially announced.

The trip comes amid reports the central bank is in talks with Saudi Arabia for a USD 2 bn deposit that could arrive before the end of the year, government sources told Al Borsa. The deposit was promised by Saudi Arabia in April during King Salman’s visit to Cairo. The negotiations will determine the time frame of the deposit, the annual interest, as well as whether it will be made in one or two tranches, the source added. Egypt needs to secure c. USD 6 bn in funding separate from the USD 12 bn extended fund facility from the International Monetary Fund as a condition of the IMF package.

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