Arab Aids Support Economy In Short Term, IMF Loan A Must: CBE Governor

Despite securing loans and deposits from a number of Arab countries, getting the US$ 4.8 billion loan from the International Monetary Fund is inevitable to help Egypt overcome the current crisis, Hisham Ramez, Governor of the Central Bank of Egypt (CBE), said.

The IMF loan will help the country get other loans and aids from international institutions such as the World Bank and African Development Bank, he noted.

During his interview with Hona Al Assema TV talk show host, he affirmed that regaining stability, increasing production and boosting revenue from direct investments and tourism are crucial for economic recovery.

He thanked the Arab countries, most notably Qatar and Libya, for granting aids to Egypt which will boost the national economy in the short term.

The main challenges facing the government in securing the IMF loan is to implement an economic reform plan that does not harm the low-income people.