IMF's Georgieva says talks to boost Egypt's loan program near completion

The International Monetary Fund and Egypt are in the "very last stretch" of negotiations to augment the country's $3 billion IMF loan program to ease pressures from the war in Gaza, IMF Managing Director Kristalina Georgieva said on Thursday.

Georgieva told reporters at IMF headquarters in Washington that a staff negotiating mission to Cairo has been extended to work out details to implement reforms agreed by Egypt, including for its central bank to move over time to inflation targeting in setting monetary policy.