Maait: We have reached the final stage of the agreement with the International Monetary Fund


Wednesday 12 October 2022

Cairo – Masrawy:

Finance Minister Dr Mohamed Maait said that all files relating to the International Monetary Fund loan have been agreed and that we are working on the final completion stage of the loan program.

The minister added, during an interview with CNBC Arabic on the sidelines of the International Monetary Fund meetings in Washington published today, Wednesday, that negotiations to obtain a loan from the International Monetary Fund are going well.

He said the Egyptian citizen should not be fully burdened with the burdens of a global financial crisis, as the world is going through a major crisis and the government is trying to ease its gravity at home.

The minister stressed the difficulty of the current phase, but stressed that it is going well, with the works to solve the crisis of the accumulation of goods in the ports and the beginning of the transfer of some of them to the warehouses outside the ports.

The minister said the government supports the flexibility of the Egyptian pound exchange rate if needed, noting that the dollar puts pressure on all currencies, including the Egyptian pound.

Maait pointed out that $ 22 billion left Egypt during the current economic crisis, in what is called the hot money phenomenon.

The minister expressed his welcome to obtaining loans from international commercial banks, stressing that Egypt has good experience in this regard and is seeking to diversify its sources of financing.

He explained that the government is preparing to issue Chinese yuan bonds, having recently issued Japanese yen bonds.

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The minister also indicated that gas exports have risen to $ 700 million per month, with the aim of reaching $ 1 billion per month, starting next January.

He stressed that the economic crisis in the world is paid for by emerging economies and middle-income countries, stressing that the uncertainty that prevails in the world exacerbates economic crises.

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