PM denies IMF loan rumours, reassures Egypt on economic path

Prime Minister Moustafa Madbouly on Thursday dismissed recent rumours suggesting that Egypt had requested the International Monetary Fund (IMF) to increase its new loan tranche to $2 billion, instead of the previously announced amount.

These rumours are baseless and aimed at creating false perceptions of a currency crisis in Egypt, undermining the country’s financial stability, Prime Minister Madbouly told a press conference.

On Tuesday, Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), issued a statement refuting these media claims that Egypt had requested an increase in the upcoming IMF loan tranche.

Meanwhile, Prime Minister Madbouly also shared details of his meeting with Kristalina Georgieva, Managing Director of the IMF, during his visit to Azerbaijan. Georgieva praised Egypt’s recent economic reforms, he noted, affirming that the IMF was impressed with the steps the government had taken.

He further clarified that after Georgieva’s recent visit to Cairo last week, she communicated her approval of Egypt’s reform measures to the IMF Board of Governors, which represents countries from around the world. The IMF chief’s praise underscored the fact that Egypt is on the right track in implementing necessary reforms and navigating its economic challenges.

In response to concerns about Egypt’s dollar obligations, the prime minister reassured that the government’s top priority remains ensuring the availability of foreign currency, with the CBE closely monitoring the situation and that everything is progressing smoothly.

The prime minister further emphasised that despite facing economic challenges, Egypt has consistently met its financial obligations, reassuring the public that the government is managing the country’s economic affairs with confidence and stability.

Attribution: The Egyptian Cabinet