The US-Egypt Business Council (USEBC) strongly supports the Egyptian government’s request for a $12bn loan over three years, according to an email USEBC chairperson John Christmann sent to International Monetary Fund (IMF) managing director Christine Lagarde on Wednesday.
In his email encouraging the IMF executive board to approve the agreement, Christmann said that this support comes not only from him, but also on behalf of the USEBC and many of its members.
Christmann also said that this loan is “vital to Egypt’s economic stability and future” and expressed how encouraged the council is by the reforms that are part of the IMF agreement, as these will aid the growth of the private sector and will even attract more investments.
“The successful implementation of this agreement will help Egypt transition to a more market-oriented economy with a robust private sector and place its economy on a path to more sustainable and necessary economic growth,” Christmann said.
This letter is supported by 39 members of the council, the board of directors and the vice chairpersons.
The Egyptian government now has been struggling for months to get the IMF to agree to the loan. Along this path, some have showed their support, such as the US and the Egyptian Federation of Investors Association, while others have remained sceptical about how much the loan could help. The plethora of reforms and austerity measures that accompany this loan have also divided opinions.