The Egyptian pound has already been floated, a measure that will continue for four years, said the Chairman of the House of Representatives’ Plan and Budget Committee,MP Fakhry al-Fiqi, who also shot down the possibility of a new flotation. The third program of the International Monetary Fund witnessed arduous and delicate negotiations over a period of seven months, starting from March until October 27. IMF experts did not arrive in Cairo until after filling the financing gap through recent Arab investments, he added. Egypt has obtained loans from the International Monetary Fund, amounting to about US$20 billion since 2016, as part of the implementation of the economic and social reform program. It also obtained quick financing to face the repercussions of coronavirus pandemic, and has already started paying the first loan installments.
