The government is targeting $21 billion over three years to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market, and bilateral accords.
“All IMF-supported programs have to be fully financed,” Chris Jarvis, the IMF’s mission chief for Egypt, said in an e-mailed response to questions. “In Egypt’s case, we would be looking for commitments of around $5 billion to $6 billion from bilateral creditors before the program is brought to the Board so that we can be sure that the program is fully financed.”
The IMF will be “working together with the Egyptian authorities in the coming weeks to secure this financing,” he said.