ICEC

El-Saeed: submitting reform program to parliament’s committees before introduced to IMF

Momtaz El-Saeed, minister of finance, said that the prime minister Kamal El-Ganzouri will amend in the upcoming days the economic reform program prepared by Ministry of Finance, to be submitted to the International Monetary Fund (IMF) to have EGP 2.3 loan. El-Saeed affirmed that this program will be submitted to the specialized committees of the People’s Assembly (Lower House of Parliament) to discuss it to take a decision.

Jerry Rice, Director of External Relations at the IMF, announced that the discussions between Egypt and IMF are currently executed. Rice affirmed IMF’s readiness to support a program prepared by Egypt, which includes the required procedures to restore confidence, maintain macroeconomic stability and protect low-income families in the transitional period. This was Rice’s statement about the procedures required from the Egyptian government to overcome its economic problem.

Rice noted that IMF does not currently have a program with Egypt, as the economic status is still unstable, pointing out Egypt’s foreign reserves sharp fall that hampered Egypt’s efforts to maintain macroeconomic stable. Egypt’s economic status is unstable as growth rates stopped, Rice clarified in a press statement in Washington.

Amwal Al Ghad

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