11:21 PM
Wednesday 12 October 2022
Cairo – Masrawy:
Minister of Finance, Dr. Mohamed Maait, said that all files related to the International Monetary Fund loan have been agreed upon, and we are working on the stage of final completion 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 stated that 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 seeking to ease its severity at home.
The minister stressed the difficulty of the current stage, but stressed that it is being managed well, with work to solve the crisis of the accumulation of goods in the ports and the start of removing some of them to warehouses outside the ports.
The minister stated that the government supports the flexibility of the Egyptian pound exchange rate if necessary, pointing out 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 phenomenon of hot money.
The minister expressed his welcome to obtaining loans from international commercial banks, pointing out that Egypt has a good experience in this regard, and is seeking to diversify its funding sources.
He explained that the government is preparing to issue bonds in Chinese yuan, after it issued bonds in Japanese yen recently.
The minister also indicated that gas exports had risen to 700 million dollars per month, with a target of reaching one billion dollars per month, starting next January.
He stressed that the economic crisis in the world is being paid by emerging economies and middle-income countries, stressing that the uncertainty that prevails in the world deepens the economic crises.