IMF says additional financing for Egypt 'critical' for success of loan program

The International Monetary Fund said on Thursday it was holding discussions with Egypt on policies that would make the country's $3 billion IMF program successful, but that additional financing would be "critical" for this.

IMF spokesperson Julie Kozack told a regular news briefing that financing amounts and potential disbursements to the North African country are currently under discussion. Discussions with Egyptian authorities about policy enhancements would continue over the coming weeks, including on the need for tighter fiscal and monetary policy as well as movement toward a flexible exchange rate policy, Kozack added.