I wonder if Egypt actually asked the International Monetary Fund to increase the fourth tranche of the loan to $2 billion, or is this just a baseless rumor? Who benefits from publishing this news? Why do we hear about so many rumors regarding the Egyptian economy during this particular period? Let us understand the issue together in detail and see what is happening behind the scenes.
The truth is that the news that spread recently about Egypt’s request to increase the value of the fourth tranche of the International Monetary Fund loan to two billion dollars instead of 1.3 billion dollars, turned out to be completely incorrect news. The Governor of the Central Bank, Hassan Abdullah, in his capacity as Egypt’s governor at the International Monetary Fund, confirmed that there is no truth. When it was reported in some media outlets regarding Egypt’s request to increase the next tranche from the International Monetary Fund
The Cabinet Media Center also issued an official statement in which it said that Egypt did not request any increase in the fourth tranche…and all the news circulated by some media outlets and the widespread rumors are nothing but attempts to create confusion among citizens.
What is the importance of this news? Why did the media center have to respond quickly?
The reasons are simply that these rumors can create a state of mistrust among people and make them worry about the future of the Egyptian economy. Hence the role of the government is to reveal and clarify the truth to the people, especially in issues that directly affect the economic situation of the country.
For its part, the Egyptian government seeks to adhere to the principle of transparency and share with people every step that takes place in the economic reform program. The evidence for this is that Dr. Mostafa Madbouly, Prime Minister, recently had a meeting with Kristina Georgieva, Executive Director of the International Monetary Fund, on the sidelines of his participation in a conference. “COP29” in Azerbaijan. The meeting was an opportunity to confirm the IMF’s appreciation for the steps Egypt is taking in economic reforms.
Ok, why didn’t Egypt request an increase in the fourth tranche?
The truth is that the steps that the government is taking in the economic reform program reflect clear success and confidence in the path that Egypt is on. The IMF already sees that Egypt is implementing the program in a successful and tangible manner, and there is no need now that calls for any additional increases.
Well, if they are rumours… who benefits from spreading them? Why are rumors about the Egyptian economy always in the news?
These rumors are often attempts to confuse the progress that Egypt is achieving. Every rumor that emerges and spreads could be part of a media or political pressure campaign whose goal is to make people lose confidence in the Egyptian economy. This could be in the interests of certain parties. That is why the Media Center of the Council Ministers always call on the media and citizens to investigate any news and always rely on reliable sources before they believe anything.
The Egyptian government confirmed its continuation of its economic reform plan and also confirmed that it gives priority to transparency of information and clarifying it to citizens. Let us always make sure that we hear the news from its correct sources and do not leave room for rumors, as they affect our stability and confidence in our country.
In the end, always remember that the economy will be stable and it is natural that it is going through some challenges, but the strength of the economy is demonstrated in its ability to overcome these obstacles…and Egypt is really moving in this direction with steady steps.
We thank you for following and do not forget to check the news you hear, and God willing, we will always be informed of everything new and convey to you what is going on behind the scenes.
