American dollar notes are displayed in this photo illustration in Johannesburg August 13, 2014. REUTERS/Siphiwe Sibeko
CAIRO, Jul 30 (Aswat Masriya) – The International Monetary Fund (IMF) mission arrived in Cairo on Saturday for a two-week visit to discuss policies that can help Egypt meet its economic challenges, sources at the airport said.
The mission is headed by Advisor at the IMF's Middle East and Central Asia Department Christopher Jarvis.
The visit comes on the heels of Egypt’s request to the IMF to provide financial support for Egypt’s economic programme.
The cash-strapped government requested $12 billion over three years to help plug a funding gap.
Egypt is expecting at least $2 billion within the first two months of its agreement with the IMF,said the Finance Minister last week.
The sources told Aswat Masriya that the mission will meet with officials from the finance ministry and the central bank to discuss Egypt’s request.
Last week, the IMF spokesman William Murray said “the scale of IMF financing will depend on the Mission Team's assessment of the financing needs and the strength of the authorities' reform program during the visit”.
Egypt has been scrambling to collect money as it faces a shortage in foreign currency due to pressures on its foreign reserves after years of political turmoil, triggered by the 2011 Uprising that toppled former president Hosni Mubarak, halved the country’s foreign reserves and scared away tourists and investors.