Government decision within 72 hours to solve the dollar crisis in Egypt

Egyptian Finance Minister Mohamed Maait said the government would make a decision within 72 hours to provide the dollar in order to resolve and mitigate the crisis of accumulation of goods in ports.

Maait added during a press conference at the ministry that negotiations with the International Monetary Fund are ongoing and moving in a positive direction, pointing out that the fund did not demand the removal of subsidies for a loaf of bread and the elimination of subsidies. completely, but emphasized in his discussions the support of social protection programs, explaining this by the fact that the Fund spoke about the Department of Initiatives and the party responsible for it, did not demand the cancellation of the initiatives put forward by the Central Bank.

The finance minister clarified that the cost of the loan that Egypt is seeking to obtain has not yet been determined, as it is done after study and analysis, noting that applying to the International Monetary Fund is not necessary to obtain financing, but may be for the purpose of structural reforms, noting that Egypt asked to formally cooperate with the International Monetary Fund without receiving funding until the Russian-Ukrainian war, after which the decision changed to receive funding.

Finance Minister Mohamed Maait noted that changing the exchange rate by increasing the price of the dollar by one pound increases the public debt by 83 billion pounds.

Source: Cairo 24

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