Egypt must complete several actions, and “to my knowledge, these prior actions are almost completed -- not quite -- in relation to both exchange rate and in relation to subsidies,” before IMF board could approve USD12bn programme, IMF Managing Director Christine Lagarde says at press briefing in Washington. “There is still a little bit of implementation to be had before the board can meet”, Lagarde said, adding that “so I very much hope that the board can meet promptly, and then once the board has met, it will have meant that the prior actions are completed, and therefore the first tranche can be released.” In parallel, IMF Middle East and Central Asia chief Masood Ahmed told reporters in Washington that the IMF board may be able to approve the loan agreement by early November. Egypt is making “very good progress” on obtaining about USD5-6bn of additional funds, and is discussing the issue with Saudi Arabia, China and G7 governments, Ahmed said. (Bloomberg)