Egyptian Prime Minister Mostafa Madbouly on Thursday denied claims that the government had asked the International Monetary Fund (IMF) to increase the fourth tranche of the loan supporting Egypt’s economic reform program.
He warned that these are rumors meant to push the idea that Egypt has a foreign currency crisis, which he assured is not true.
Madbouly pointed out that the IMF mission will complete the fourth review of Egypt’s economic reform program next week, stressing that things are going well, regularly and stable.
“Things are going very well, we have never been late in paying installments, and we are moving strongly in this regard,” the Prime Minister added.
He also noted the increase in remittances from Egyptians abroad, which reached US$2.6 billion in August compared to $1.6 billion in August 2023.
Madbouly stressed government’s main concern is the currency, its size and its presence, indicating that the matter is being followed up with the governor of the Central Bank of Egypt.
Edited translation from Al-Masry Al-Youm
