Telecom works near Grand Egyptian Museum cause brief Cairo service outage: NTRA    Egypt drug regulator, Organon discuss biologics expansion, investment    Egypt's c. bank offers EGP 98b in T-bills    Egypt's Contact Financial closes EGP 1.312bn securitisation bond    Suez Canal Authority urges Maersk to resume transits, citing strategic role in global trade    Microfinance portfolios in Egypt exceed EGP 101bn, reaching 4.1 million clients by Q2 2025    Gaza death toll surpasses 66,000 as Israel tightens siege, 'Freedom Flotilla' nears coast    Egypt's PM addresses parliament on Al-Sisi's objections to criminal procedures bill    Egypt's Al-Sisi reaffirms state's commitment to judicial independence    Alameda launches Egypt's largest private-sector medical conference    Egypt calls for global mental health action, strengthens regional partnerships at Doha Summit    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Trump unveils controversial Gaza peace plan amid escalating crisis, divided responses    Al-Sisi, Bin Zayed back Trump's Gaza peace initiative amid mounting diplomatic drive    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt's foreign minister says Ethiopia's Nile dam policy is 'destabilising'    Egypt to host men's, juniors' and ladies' open golf championships in October    Egypt's President Al-Sisi pardons activist Alaa Abdel Fattah, 5 others    Egyptian Writers Conference announces theme for 37th session    Egypt's Al Ismaelia wins heritage award for Downtown Cairo revival    Egypt's PM heads to UNGA to press for Palestinian statehood    Egypt condemns terrorist attack in northwest Pakistan    Egypt's foreign minister holds talks on reviving Iran nuclear negotiations    Egyptian pound ends week lower against US dollar – CBE    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt doesn't need IMF financial support: Mission Chief
Amwal Al Ghad Published in Amwal Al Ghad on 25 - 01 - 2020

Egypt does not have any financing needs and does not require the International Monetary Fund's (IMF) financial support at this time, Uma Ramakrishnan, Mission Chief for Egypt at IMF.
International reserves are at historical high and the country has full access to international capital markets, Ramakrishnan mentioned, yet she added "We stand ready to support Egypt's reform agenda after the Extended Fund Facility (EFF), which ended in November."
Egypt's net foreign reserves increased by $64m to $45.418 in December 2019, up from $45.354bn in November 2019, according to the latest statistics of the Central Bank of Egypt (CBE).
Egypt's Ministry of Finance obtained the cabinet's approval to offer $5bn international bonds in fiscal year (FY) 2019/20, in addition to $500m green bonds, Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk said on Monday.
The IMF discusses with the Egyptian authorities the type of engagement that would best suit Egypt going forward, Ramakrishnan assured.
The IMF's executive board on 24 July 2019 completed the fifth and final review of Egypt's economic reform programme supported by the EFF. The completion of the review allowed the authorities to draw about $2bn, bringing total disbursements to about $11.9bn which is the full amount approved by the executive board on 11 November 2016.
Moreover, the next article IV will take place in 2020, Ramakrishnan said, adding that the exact timing and topics will be discussed and agreed with the authorities in the coming months.
Under Article IV of the IMF's Articles of Agreement, the fund holds bilateral discussions with members, usually every year. During those consultations, the IMF mission reviews the overall economic developments in the country, as well as its policy measures aimed at maintaining economic stability, ensuring a sustainable external balance, and further liberalising foreign trade.
In November 2019, the IMF appointed Ramakrishnan as the new Mission Chief for Egypt, succeeding Subair Lall.
source: Daily news Egypt

Clic here to read the story from its source.