Mohamed El-Homsany, the spokesman for the Egyptian Cabinet said that the visit of the International Monetary Fund (IMF) delegation to Egypt began yesterday, and will extend for two weeks to follow up on the economic reform program.
The spokeman explained, in a call-in, that the results of the current consultations will be announced immediately upon completion, while stressing the need to take into account not imposing any new financial burdens on citizens.
El-Homsany pointed out that there is an understanding by the IMF of the economic measures taken by Egypt recently, expressing his hope to reach an agreement on future steps during the current meetings.
He added that there will be no increases in petroleum prices during the next six months according to the Cabinet's agreement, in addition to the government's efforts to alleviate financial pressures on citizens.
He also explained that the recent movements in the dollar price occur based on supply and demand mechanisms, stressing that Egypt relies on various resources, such as tourism and remittances from Egyptians abroad, adding that the increase in foreign exchange reserves announced by the Central Bank indicates the availability of sufficient resources to meet import needs, which enhances economic stability in the local market.
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