PM Mostafa Madbouly made a series of important statements after the weekly Cabinet meeting, including the monetary policy and also responded to rumors of devaluating the pound.
Madbouly confirmed during a press conference Wednesday that President Sisi's message to the government to review the targets with the International Monetary Fund (IMF) in light of the changes that occurred in this regard.
The prime minister, added: "We carried out this program in the midst of the Russian-Ukrainian crisis and the major challenges that Egypt was going through, and all the recent unprecedented events that are happening in the region, and the decline in the revenue of the Suez Canal, and therefore from today we are looking with the Fund reviewing our targets."
Madbouly continued, the state has succeeded in reducing unemployment to its lowest rates despite the challenges, noting: "Within the framework of rumors, an old statement by the Director of the IMF began to be circulated these days, and suddenly, unfortunately, there are sites indicating it as a new event, while this statement was last January, and on the contrary, the Fund confirms its great praise for the Egyptian monetary policy."
He pointed out that the movement of foreign exchange and the needs of the Egyptian state are proceeding regularly, and there are no late requests in the banks, and therefore things are stable.
He confirmed that the International Monetary Fund praises the Egyptian measures in all its statements, and that the state continues to implement comprehensive development programs successfully.
He confirmed that every week there are new investments, and there is work to increase investments in Egypt. The Prime Minister added that the state aims to create flexible mechanisms to attract investments and global companies.
He explained that Egypt has not been late in paying its obligations even amid the financial crisis, and that the state continues to implement comprehensive development programs.
He pointed out that the medicine crisis has been overcome, and that the solution to the problem has reached 95%, and that the government has dealt quickly with this crisis, as we have largely overcome the medicine shortage crisis. Madbouly added: "We succeeded in establishing more than one million units for the social housing project and 300,000 units in unsafe areas.
Madbouly denied the rumors about the exchange rate, explaining that there was a message from President Sisi that he directed to the government to review the targets with the International Monetary Fund in light of the changes that occurred in this regard.
Madbouly continued: The program was set with specific targets and specific timings according to the circumstances, but the state has recently faced successive unprecedented challenges that are happening in the region, such as the war on Gaza and Lebanon and the decline in Suez Canal income.
He confirmed that the economic group is looking with the International Monetary Fund to review the timing and targets of the program.
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