According to International Monetary Fund Managing Director Kristalina Georgieva, it is important that Egypt take actions to protect against leakage of foreign reserves, because otherwise “it’s like putting water in a bucket that has holes”. She explained that the IMF is having a very good discussion with the authorities of Egypt. However, she explained that having multiple exchange rates creates privileged positions for some and not for others. She indicated that the IMF also understands that when there is support for the currency, but not enough foreign exchange that shrinks the reserves and makes the situation of the country more difficult. “I have high respect for President Abdel Fattah Al-Sisi and I trust that by working together, he can make the right decisions for the country,” Georgieva added.

Source: Daily News Egypt June 21, 2023 11:31 UTC