Madbouly: Constructive Discussions with IMF to Prolong Loan Measures

Mostafa Madbouly, Prime Minister, said, Wednesday, that there are constructive discussions with the International Monetary Fund, and this does not mean obtaining more funds, but prolonging some loan measures.

The Prime Minister continued, in a press conference, that there is a kind of escalation and regional tension between Israel and Iran, adding: "The state is making great efforts to try to stop the war in Palestine and Gaza."

Meantime, the Cabinet approved the Prime Minister's draft decision to reconstitute the committee for managing the foreign debt file and regulating foreign borrowing.

Madbouly said that there are constructive discussions with the International Monetary Fund and that this does not mean obtaining more money, but prolonging some procedures, and he pointed out that the state currently bears EGP 10 billion per month in support of petroleum products.

He stated that the State Ownership Policy Document was adopted years ago and the current circumstances require reviewing it in light of the circumstances that have arisen.

He said that there may be a review of the topics in the document according to current developments, and the same goal will remain, which is to encourage the private sector and ensure neutrality and competition.

Madbouly explained that there may be a review, so that there are new sectors that are deleted or added, as well as the state's exit rate, and it is scheduled that the Director of the International Monetary Fund, Kristalina Georgieva, will visit Egypt in a few days to discuss amending Egypt's program.

Georgieva made statements between the Fund's openness to amending the program and her preference not to postpone reforms so that the cost of implementing them does not increase.