IMF says making 'excellent progress' in talks with Egypt

There was "excellent progress" in talks with Egypt to enhance its IMF loan program, and "comprehensive support" was needed to help the country deal with pressures posed by refugees from the war in Gaza, the International Monetary Fund said on Thursday.

IMF spokesperson Julie Kozack told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes under combined first and second reviews of Egypt's existing $3 billion loan and "authorities have expressed a strong commitment" to them.

She declined to discuss details of the Egypt package as the negotiations are continuing.

Regarding pressure on the talks posed by the issue of Gaza refugees, Kozack said: "There is a need to have a very comprehensive support package for Egypt and we're working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the program is able to ensure macroeconomic and financial stability in Egypt."