The central bank announced EgyptianToday, Sunday, a bid will be invited to sell Treasury bonds At a value of 600 million euros for one year, coinciding with the presence of a mission IMF International to conduct reviews with Cairo.
The Central Bank of Egypt stated that “a tender for the sale of treasury bonds will be launched tomorrow, Monday, the fourth of November.”
Meanwhile, International Monetary Fund President Kristalina Georgieva said on Sunday that the Fund, in cooperation with the Egyptian government, will establish the “best path” for economic reforms to meet the ambitions of the government and the Fund.
This came in a statement issued by the Egyptian presidency, following a meeting between Egyptian President Abdel Fattah El-Sisi and Georgieva, who arrived in the country on Saturday to discuss Egypt’s current economic reform program.
The Director of the International Monetary Fund stated that she fully understands the magnitude of the great challenges facing Egypt, in light of regional and international developments.
Show related news
She pointed out that the Fund seeks, in partnership with the Egyptian government, “to reach the best reform paths that take into account all relevant dimensions, and in a way that preserves the results of reforms that have a positive impact on the Egyptian economy.”
She added: “We appreciate the efforts of the Egyptian state during the last stage, and the reform program that is being carefully implemented, while putting the most needy groups at the top of priorities.”
On October 20, Egyptian President Abdel Fattah El-Sisi called on his country’s government to review the situation with the Fund. “To avoid any additional burdens on the Egyptians.”
He said during a conference in Cairo at the time that the IMF reform program, accompanied by an $8 billion loan, which was reached earlier this year, “is being implemented under very difficult regional, international and global conditions.”
Show related news
Today’s statement quoted the Presidency of the Republic as saying that the meeting discussed developments related to the implementation of the Egyptian economic reform program, which is being carried out in partnership with the Fund.
The statement stated that Al-Sisi “looks forward to completing cooperation with the Fund during the coming period, and building on what has been achieved, with the aim of enhancing the stability of economic conditions and reducing rates.” Inflation“.
The Egyptian President said: “We point out the need to take into account the changes and the magnitude of the challenges that Egypt has been exposed to in the recent period due to the regional and international crises, which had a profound impact on dollar resources and budget revenues.”
He stressed that “the state’s priority is to relieve the pressures and burdens on citizens, especially by combating inflation and high prices, while continuing efforts to attract investments and empower the private sector to increase employment and growth rates.”
Egypt is implementing an economic reform program that began in December 2022, worth $3 billion, before it was expanded to $8 billion last March, due to Egypt being affected by Middle East tensions.
Last March, Egypt liberalized the exchange rate of the pound against the dollar, bringing its price to 48 pounds compared to 31 pounds previously, and raised fuel prices on three occasions this year, and raised the prices of electricity and subsidized bread.
