IMF, foreign countries pledge to plug Egypt 2016/17 budget deficit: CBE chief

Egypt’s central bank has received assurances from the International Monetary Fund (IMF), G6 countries, China, and a number of Arab country that they will provide aid to help plug Egypt’s budget deficit, governor Tarek Amer announced Thursday.

The financial gap for the government’s budget in 2016/17 was estimated at $16.2 billion, Amer said, adding that Egypt’s foreign exchange crisis was due to the budget deficit.

Amer made the comments at during a press conference few hours after the decision by the central bank to float the Egyptian pound.

Source: Ahram Online