Expert reveals his expectations for an IMF loan to Egypt… and the reason behind Cairo’s $30bn commitment

Economist and former Deputy Governor of the Egyptian Central Bank Hani Geneina confirmed that he expects the International Monetary Fund to approve the request submitted by Egypt at the level of experts and the technical group.

Genina added in an interview with the Decision Makers program, which is broadcast on the satellite channel Echo of the Country, that “any disagreements between the government and the foundation will be resolved by scheduling procedures, because the foundation prefers that some of these procedures will take place within a year, but the implementation of these procedures will be difficult for the Egyptian government, so a loan will be discussed, which is expected to be repaid to the International Monetary Fund within 4 years.

He continued: “I don’t think there will be a gradual increase in the price of the dollar every month,” noting that “the exchange rate regime that the IMF wants should be on average for 5 or 10 years, which means that it will be liberalized exchange rate. Central bank intervention is limited to cash reserves during a crisis.

He pointed out that “Egypt has to pay $30 billion, including $10 billion debt due to a higher import bill than export bill,” stressing that the state could take austerity measures to cut the import bill and raise the interest rate. .

Source: Masravi

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