Egypt Requested Funds from IMF Protectively If Ukraine Conflict Prolonged

Egypt is in talks with the International Monetary Fund for potential funds in additional to technical support to hedge against the effects of the Russia-Ukraine crisis on its economy should it be prolonged, Prime Minister Mostafa Madbouly said on Thursday.

Egypt had been in talks with the IMF since the summer of 2021 when it concluded its US$5.2 billion stand-by arrangement with the fund, but discussions had only been about providing technical support, Madbouly said.

Following the events in Ukraine and in order to prepare for a “worst-case scenario,” Egypt asked the IMF for the potential to provide funds should they be needed, he added.