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IMF Position on Supporting Egypt

The Chairman of the Plan and Budget Committee of the Egyptian Parliament, Fakhri El-Feki, revealed the International Monetary Fund’s position on supporting Egypt during the coming period.

Al-Feki said, in television statements, that Egypt has five sources of foreign exchange to earn $300 billion.

He stressed that the state achieved over the past 10 years between 100 and 120 billion dollars, noting that reaching 300 billion dollars is achieved through “exports, production, tourism, and remittances from Egyptians abroad.”

IMF Financing

Regarding the International Monetary Fund’s financing of Egypt, Fakhri Al-Feki indicated that the Fund is studying increasing Egypt’s financing, from $3 billion to $4.5 billion, in addition to exceptional financing known as financing resilience and sustainability.

Exchange Rate Flexibility

Regarding the flexibility of the exchange rate, he said that President Sisi affirmed that the state is in favor of flexibility in the exchange rate, provided that there are foreign currency holdings in banks of 5 to 10 billion dollars, in addition to the inflation rate continuing to decline.

Source: RT