CAIRO – 23 March 2022: Egypt has submitted a request to the International Monetary Fund (IMF) to start negotiations about a new program that seeks to support Egyptian state’s plans of national comprehensive economic reform, the Egyptian Cabinet said. In a statement, the Cabinet said the program, which comes in light of the Russia-Ukraine crisis’s impact on global economy, may include additional funding for Egypt. Also, the Egyptian government aims to continue efforts to implement the necessary economic and structural reforms to ensure the preservation of the path of strong, balanced and sustainable economic growth, Saad said. Egyptian pound depreciationOn Monday, the Egyptian pound depreciate by 14 percent, reaching LE 18.32 to the dollar by Wednesday. Head of the International Monetary Fund (IMF) team in Egypt Celine Allard stressed Monday that Egypt has a strong capacity to repay its foreign currency obligations.
