Hisham Ezz Al-Arab: Egypt on track to solve exchange market woes after IMF loan

Egyptian veteran banker Hisham Ezz Al-Arab expressed his confidence that Egypt will solve its exchange market woes through a series of government economic reform measures under the International Monetary Fund’s (IMF) new loan programme.

“I’m fully sure that the central bank (of Egypt) will set the rhythm of the market once again.” Ezz Al-Arab told Amwal Al Ghad.

He further referred to the importance of increasing Egypt’s dollar revenues by boost exports and tourism sector.

“If we manage to lift the country’s dollar revenues, there won’t be any shortage crisis anymore,” Ezz Al-Arab said.

On Friday, IMF board approved a 46-month $3 billion financial support package for Egypt.

“Egypt’s IMF-supported programme presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.” the IMF added in a statement.

Over the course of the programme, the IMF said it will catalyse additional financing of about $14 billion from Egypt’s international and regional partners.