IMF, Egypt Finalizing Agreement on 3-Year Support Program Worth $21Bln

© AP Photo / Itsuo InouyeInternational Monetary Fund (IMF)
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The Egyptian government said Tuesday it is in the final stages of three months of negotiations on an agreement with the International Monetary Fund (IMF) to obtain a three-year support program worth $7 billion annually, media reported.

Egypt’s Economy to Require Major External Financing in Next Few Years - IMF
MOSCOW (Sputnik) — The announcement comes as the country suffers a severe shortage of foreign currency, caused mainly by the blow to its tourist sector following the crash of the Russian airliner over the Sinai Peninsula in October 2015, the Financial Times reported.

On October 31, an Airbus A321 operated by the Russian airline Kogalymavia crashed in the Sinai Peninsula while flying from the Egyptian resort city of Sharm El-Sheikh to St. Petersburg, killing all 224 people on board.

Russia, along with the United Kingdom and other countries suspended flights to Egypt following the incident when several intelligence services have suggested terrorists planted a bomb on board the Russian aircraft.

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