Egypt PM dismisses rumours of IMF-recommended currency float

The Egyptian government has categorically denied recent rumours suggesting that the International Monetary Fund (IMF) is recommending a new floatation of the Egyptian pound.

During a press conference on Wednesday, Egyptian Prime Minister Moustafa Madbouly clarified that IMF Managing Director’s statement regarding a new floatation dates back to January, before the implementation of Egypt’s successful economic reforms. The IMF has consistently praised Egypt’s monetary policy and progress in recent months, he added.

Prime Minister Madbouly emphasised that Egypt’s foreign currency reserves are stable, and there are no delays in meeting the country’s needs for essential goods and services. The government is closely monitoring the situation and ensuring that there are no pending requests in banks, he noted.

Furthermore, Prime Minister Moustafa Madbouly also refuted rumors about the country’s inability to meet debt obligations. Egypt has a strong track record of meeting its financial commitments and remains committed to its economic vision.

The prime minister’s statement aims to dispel any concerns or misinformation regarding Egypt’s economic stability and its relationship with the IMF.

Attribution: The Egyptian Cabinet