Egypt negotiates on another financial package from IMF – Egypttoday

Egypt negotiates on another financial package from IMF – Egypttoday

CAIRO - 14 May 2020: Egypt's foreign exchange reserves are sufficient to meet import needs for a period of 7 months, which is a higher rate than international averages, Deputy Governor of the Central Bank of Egypt (CBE) Ramy Abu El Naga said Wednesday.. Abul-Naga pointed out in an interview with "Al-Arabiya" to the $ 2.8 billion rapid financing package for Egypt from the International Monetary Fund, emphasizing Egypt's ability to knock on the gates of financing institutions to boost these reserves in case future needs arise.. On Monday, the International Monetary Fund said its executive board approved $2.77 billion in emergency financing to help Egypt grapple with the new coronavirus pandemic that has brought tourism to a standstill and triggered major capital flight.. Asked about interest rates in Egypt, Abu Al-Naga said, "The decision remains in the hands of the Monetary Policy Committee that will be held tomorrow, and we are very satisfied with the current levels.. In November 2016, the Executive Board of the IMF approved a $12 billion loan as a financial assistance to Egypt to support the Egyptian economic reform program.. Upon the board's approval in November, Egypt embarked on a bold economic reform program that