The United States Treasury has voiced its support for Egypt over its economic reforms and talks to expand a $3 billion Ioan with the International Monetary Fund (IMF).
This was made known in a statement by the Secretary of Treasury, Janet Yellen, on Tuesday after a meeting with Egypt’s government in Washington.
According to the Fund, the North African country’s finance minister, Mohamed Maait, and central bank governor Hassan Abdalla will meet with the Managing Director of the IMF, Kristalina Georgieva, when they visit the US capital.
The meetings follow US Secretary of State Antony Blinken’s visit to the Middle East as efforts to prevent the Israel-Hamas war in Gaza from escalating continue.
Georgina stated that the IMF is “seriously considering” the extension of the $3 billion loan program as Egypt grapples with the economic fallout from Israel’s military onslaught against the Palestinians in Gaza.
Egypt, which already has a large amount of foreign debt, has been severely impacted by the Israeli offensive in the neighboring Palestinian area, which could cause delays in travel plans and the supply of natural gas.
The volume of travel via the Suez Canal has been significantly impacted by recent attacks on Red Sea boats.
The US Treasury statement explained that Yellen met with Finance Minister Mohamed Maait, Minister of International Cooperation Rania Al-Mashat, and Governor of the Central Bank of Egypt Hassan Abdalla to discuss issues facing Egypt as a result of what has been called Israel’s genocide of the Palestinian people in Gaza.
“Secretary Yellen underscored strong United States support for Egypt and its economic reform programme. She underscored the goal of bolstering Egypt’s economy and supporting inclusive, sustainable growth,” the US Treasury said.
