By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
    3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
    April 2, 2023
    CBE considers raising banks' reserve requirement
    Central Bank of Egypt considers raising banks’ reserve requirement
    April 1, 2023
    Banks discuss amending interest rates on their savings, loan products
    Banks discuss amending interest rates on their savings, loan products
    April 1, 2023
    Egypt, EU discuss cooperation in economy, migration
    Egypt, EU discuss cooperation in economy, migration
    April 1, 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    April 1, 2023
  • Politics
    PoliticsShow More
    Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
    Egyptian president says fight against terrorism not less significant than October War victory
    April 2, 2023
    Syrian FM visits Egypt for 1st time in over 10 years
    Syrian FM visits Egypt for 1st time in over 10 years
    April 2, 2023
    Ramadan fasting is related with leniency in legal system: Study
    Ramadan fasting is related with leniency in legal system: Study
    April 1, 2023
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    April 1, 2023
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt borrows from IMF to retain international confidence in economic stability: Al-Sisi
Share
Notification
Latest News
architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
The Secret Behind Lobna Wanas’ Younger Appearance in “Jaafar El Omda”
Cinema Egypt
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egypt borrows from IMF to retain international confidence in economic stability: Al-Sisi
Business

Egypt borrows from IMF to retain international confidence in economic stability: Al-Sisi

Mohamed Ayyad
Last updated: 2016/07/27 at 8:32 PM
By Mohamed Ayyad 4 Min Read
Share
President Abdel Fattah Al-Sisi said in a meeting with Prime Minister Sherif Ismail and members of the Economic Ministerial Committee
SHARE

President Abdel Fattah Al-Sisi said in a meeting with Prime Minister Sherif Ismail and members of the Economic Ministerial Committee on Wednesday, that acquiring loans from the International Monetary Fund (IMF) aims to improve and strengthen international confidence in the Egyptian economy, attract foreign direct investments, achieve exchange and financial stability, and fix foundational problems in the economy.

Al-Sisi also stressed the importance of achieving the needed balance between rationalising state budget spending and energy consumption, and limiting their repercussions on the underprivileged. This comes as part of the country’s economic reform programme, which plans to expand protection and social support, while maintaining the prices of primary food commodities.

Al-Sisi asked the government to rationalise government spending and encourage the purchase of local products, while decreasing the reliance on random imports. This should stabilise exchange and financial conditions and decrease unemployment rates.

Following the announcement of the IMF loan, the Egyptian Exchange (EGX) increased by 5% during Wednesday trading while the US dollar exchange rate decreased by over 50 piastres on the informal market.

The meeting highlighted the importance of rationalising energy consumption given that the current consumption of natural gas and petroleum products rounds up to $1bn per month.

The aim of the programme is to overcome the foundational obstacles from which the Egyptian economy has encountered over the past years. These obstacles negatively affected the growth rates of development, investment, and employment, which is why the president urged the government to start taking action in the programme’s implementation.

Official spokesperson for the presidency, Alaa Youssef, said that Al-Sisi discussed the latest developments in the exchange market as well as the economic and financial status of the country with the Economic Ministerial Committee members. Additionally, the meeting also revolved around the outlook of economic indicators and the state budget of fiscal year 2016/2017.

Youssef stated that the attendees of the meeting also looked into the possibility of increasing the country’s resources as part of the economic reform programme. They agreed that, in order to attract local and foreign investments, international bonds would be offered in international markets instead of shares of state-owned companies.

The Economic Ministerial Committee includes the governor of the Central Bank of Egypt and the ministers of planning, supply and internal trade, electricity and renewable energy, international cooperation, petroleum and mineral resources, trade and industry, finance, investment, and public sector affairs.

Youssef added that during the meeting, Ismail presented the outcome of the Economic Ministerial Committee discussions, in order to allocate the necessary funds and to retain the economic stability in exchange and financial markets.

Ismail also updated the attendees on the latest developments of Egypt’s negotiations with the IMF about the country’s economic reform programme, which is set to be implemented through a financial programme over the span of three years.

An IMF delegation is set to arrive in Cairo within days, and negotiations will be concluded by the governor of the Central Bank of Egypt and the Minister of Finance. Afterwards, conclusions of the negotiations will be presented to the cabinet for approval and the taking of necessary measures, in order to bring the outcome to the parliament floor.

You Might Also Like

3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water

Central Bank of Egypt considers raising banks’ reserve requirement

Banks discuss amending interest rates on their savings, loan products

Egypt, EU discuss cooperation in economy, migration

Hermes Brokerage tightens its grip on EGX trading in 1Q 2023

TAGGED: Economic Ministerial Committee, IMF, International Monetary Fund, President Abdel Fattah Al-Sisi, Prime Minister Sherif Ismail
Share this Article
Facebook Twitter Email Print
Previous Article Will the IMF loan be the answer to Egypt’s currency crisis?
Next Article Death of Egyptian in Germany not classified as ‘murder’: German Embassy
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?