IMF Chief in Egypt to discuss progress of $8 billion program

International Monetary Fund chief Kristalina Georgieva is in Egypt to hear views on how the lender can further support the North African nation as it emerges from a grinding economic crisis, she told the state-run Al-Ahram newspaper.

Georgieva’s ongoing visit will focus on assessing the economic challenges faced by Egypt and the rest of the Middle East, the managing director said in an interview in Sunday’s edition of the Cairo-based publication.

The IMF and Egypt agreed on an expanded $8 billion loan program in March, part of a vast global bailout intended to shore up the troubled economy of the Mideast’s most populous nation. Egyptian authorities recently signaled they’re seeking a possible review of the timelines and targets of the program amid regional upheaval.

An IMF mission is also due in Cairo in the coming days to discuss the fourth review of Egypt’s reform program. Authorities have cut subsidies on fuel, bread and electricity in recent months.