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Wednesday, 7 September 2016

Egypt sending a delegation to the IMF after Eid?

Egypt sending a delegation to the IMF after Eid? The Central Bank of Egypt and the Finance Ministry are reportedly sending a delegation to meet with the IMF in DC after the Eid break to discuss progress in securing USD 5-6 bn in foreign funding, sources tell Al Masry Al Youm. The funding is a precondition for IMF board approval of the three-year, USD 12 bn extended fund facility. It’s still uncertain whether CBE Governor Tarek Amer and Finance Minister Amr El Garhy will join the delegation, but the source did confirm that Amer and El Garhy had gone to DC at the end of August following the USD 1 bn UAE deposit. The Investment Ministry is planning a roadshow starting in October to market the upcoming USD 3-5 bn eurobond sale and will focus its effort on New York, London, and Dubai, said a ministry source. This is the second hint this week that the eurobond offering will be in October.

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