Egypt pressured by International Monetary Fund to immediately float the Egyptian pound
International Monetary Fund Managing Director Kristalina Georgieva said she was confident Egypt would do well on its initial economic reform review in September.
Tobias Adrian, head of the International Monetary Fund’s Monetary Policy and Capital Markets Department, said the change in the pound sterling exchange rate is a key factor in achieving economic stability in Egypt, as it allows the central bank to pursue monetary policy appropriate to local conditions. conditions.
World Bank Vice President for the Middle East and North Africa Farid Belhadj confirmed that the latest cooperation framework program with Egypt requires the country to pay $7 billion over 5 or 6 years, pointing to his confidence in the Egyptian economy and the resilience of the economy, like all economies region, especially at this time.
Jihad Azour, director of the International Monetary Fund’s Middle East and Central Asia Department, said no agreement had been reached with Egypt on a date for an initial review of Egypt’s economic reform program, according to a $3 billion financial package signed last December. .
Jihad Azur added that the IMF is in regular dialogue with the authorities to prepare for the initial review, preparations for which have already begun, and when the fund and the authorities are ready, it will be announced.
In December, the fund approved a $3 billion loan to Egypt, which is facing a severe financial crisis after the outbreak of war in Ukraine; The payment of the package under the 46-month program is subject to eight reviews, the first of which took place on March 15, 2023, the fund staff said in a report published in December.
Source: Cairo 24
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