Reports: Egypt has proposed to IMF 18-month reform program

FILE -- In this June 1, 2016 file photo, Egyptian President Abdel-Fattah el-Sissi, speaks during a press conference with Hungarian Prime Minister Viktor Orban at the presidential palace in Cairo, Egypt. Three Egyptian dailies said Monday, Aug 8, 2016, that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. Egypt’s economic crisis has taken on a serious political dimension, with critics now blaming President Abdel-Fattah el-Sissi for exacerbating it by embarking on massive costly infrastructure projects they say have drained the country’s meager funds and done little to revive the economy. (AP Photo/Nariman El-Mofty, File) (The Associated Press)

prev next

FILE - In this April 15, 2016 file photo, Egyptians shout slogans against Egyptian President Abdel-Fattah el-Sissi during a protest against the decision to hand over control of two strategic Red Sea islands to Saudi Arabia in front of the Press Syndicate, in Cairo, Egypt. Three Egyptian dailies said Monday, Aug 8, 2016, that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. Egypt is struggling to keep its economy afloat, amid a slump in tourism, foreign currency shortages and double digit inflation and unemployment. The government is also fighting an insurgency in the strategic Sinai Peninsula while continuing to show little tolerance for domestic political dissent. (AP Photo/Amr Nabil, File) (The Associated Press)

FILE -- In this June 14, 2016 file photo, an Egyptian vendor arranges his goods at a market in the neighborhood of Sayeda Zeinab, in Cairo, Egypt. Three Egyptian dailies said Monday, Aug 8, 2016, that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. Egypt is struggling to keep its economy afloat, amid a slump in tourism, foreign currency shortages and double digit inflation and unemployment. President Abdel-Fattah el-Sissi has repeatedly vowed in recent days to shield the poor and middle class from a virtually inevitable wave of price hikes when reforms are implemented. (AP Photo/Amr Nabil, File) (The Associated Press)

CAIRO – Egyptian dailies say Cairo has proposed to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy.

Monday's reports by three dailies — Al-Shorouk, Al-Masry Al-Youm and Al-Watan — say differences remain on the size of a proposed devaluation of the pound and the timetable for implementing some of the more politically sensitive reforms, like state subsidies.

According to the papers, the International Monetary Fund has rejected requests for a delay or a staggered implementation of the reforms. They all quote unnamed government officials familiar with the Egypt-IMF talks that started last week.

Egypt is struggling to keep its economy afloat, with a slump in tourism, foreign currency shortages and double digit inflation and unemployment among its main ailments.