The Egyptian economy is "doing well" despite the current financial crisis, according to Prime Minister Mostafa Madbouly, who spoke on Saturday. Egypt is able to meet its financial responsibilities.
"The state did not violate its commitments and would not do so. After visiting many industrial projects in the 10th of Ramadan and New Obour cities, Madbouly highlighted in a news conference that "We know our commitments and how to pay them.
According to Madbouly, Egypt has previously fulfilled all of its past obligations. "There is full coordination and commitment by the state to pay its obligations," he added.
The administration has worked hard in recent months to comfort the populace amid fears that the country won't be able to weather the rigours of the global financial crisis and meet its financial obligations despite a lack of foreign money.After receiving the first $347 million of a fresh $3 billion loan from the International Monetary Fund (IMF) in December, Egypt is making more of an effort to meet its obligations to the Fund.
On March 15, the program's first review was due, which prepared Egypt for receiving the second tranche. The Egyptian side has failed to fulfil some of the agreed-upon requirements, thus the review was postponed.
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