Egypt-IMF loan deal "great achievement" by Egyptian government

The success of the dlrs 12 billion loan talks between Egypt and the International Monetary Fund (IMF) marks an important step for buttressing the Egyptian economic reform policies, said the secretary general of the Union of Arab Banks (UAB).

Addressing the De-risking Forum themed “Enhancing the Supervisory and Regulatory Frameworks Related to Correspondent Banking—de-Risking”, Wesam Fattouh reiterated that the deal was "a great achievement" by the Egyptian government, congratulating Egypt on clinching the agreement.

The three-day forum organized by the UAB opened early Friday in Egypt's Red Sea resort of Sharm el Sheikh with the participation of many Arab bankers.

This Forum will shed light on the key challenges that are currently facing Arab and correspondent banks, as a consequence to strictly enforcing the application of global regulatory standards, economic and trade sanctions, and the mechanisms and Prudential Regulatory Procedures and Sound Practices in Risk Management. 

It will also introduce and identify the latest and most prominent amendments on the international and regional initiatives in light of the negative effects resulting from terminating and restricting of correspondent banking relationship with many international banks. 

During the forum, regulatory experiences in the Arab world and the best practices in risk management will be presented and deliberated by a selected elite group of distinguished banking experts from the Arab region and other specialized international organizations.