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The staff-level agreement announced on 11 August between Egypt and the IMF for the long-awaited $12bn Extended Fund Facility (EFF) will bring with it austerity measures and tough economic reforms, Egyptian economists have warned.
IMF mission chief for Egypt Chris Jarvis told the local daily Ahram Online this week that as “all-IMF supported programs have to be fully financed,” the fund in Egypt’s case would be looking for commitments of around $5-6bn from bilateral creditors, before the staff-level agreement can be presented to the board for discussion and the final green light for the three-year facility can be given. But he added that “the IMF will be working with the Egyptian authorities in the coming weeks to secure this financing.”
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