Egyptian economist Sameh Al-Torgoman pointed out that the function of the International Monetary Fund is to help developing countries in economic crisis and it provides loans based on research based on the strength of the economy.
The expert added that the world is now under varying pressure from one country to another due to inflation, high commodity prices, disruption of supply chains during the Corona pandemic, as well as the consequences of the Ukrainian crisis, which has led to a wave of high prices in all countries.
The expert explained that in 2016, Egypt carried out an economic reform that helped it overcome the effects of the coronavirus pandemic, and it was necessary to complete the reform by listing some companies on the stock exchange and seeking support from international organizations wishing to invest in Cairo.
He stressed that these institutions will not pump their money into the Egyptian sector unless they are confident in the strength of the Egyptian economy, which is available through the International Monetary Fund’s certificate and its approval of the economic financing package.
He indicated that the approval of the loan would provide an additional $14 billion in financing from international and regional partners, highlighting the existence of a real partnership between the public and private sectors to create an attractive environment for investment.
Source: Cairo 24