CBE: Egypt Not in Need of New IMF Fund

Central Bank of Egypt (CBE) Deputy Governor Rami Aboul Naga said that Egypt is in no need for a new financing agreements with the International Monetary Fund (IMF).

Aboul Naga explained in statements on Thursday that Egypt succeeded in reducing account deficit and managed to provide the required funding packages that are estimated at $8 billion despite the repercussions of the pandemic.

He added that the success of the economic reform program contributed to creating foreign exchange reserves of more than $40 billion, which helped rebuild Egyptian banks assets abroad and gave the ability to absorb external shocks.

The central bank official continued as saying that Egypt is expected to receive $1.6 billion, the last tranche of the IMF’s Stand-by Arrangement of $5.2 billion.

Moreover, he expected an increase in the country's foreign reserves, thanks to the CBE's monetary policies that led to a significant improvement in evaluating Egypt's external conditions, which was reflected in the recent reports by the three credit rating agencies, namely S&P, Fitch, and Moody's.