Egyptian Prime Minister Mostafa Madbouly on Thursday denied claims that the government had asked the International Monetary Fund (IMF) to increase the fourth tranche of the loan supporting Egypt’s economic reform program. He warned that these are rumors meant to push the idea that Egypt has a foreign currency crisis, which he assured is not true. Madbouly pointed out that the IMF mission will complete the fourth review of Egypt’s economic reform program next week, stressing that things are going well, regularly and stable. “Things are going very well, we have never been late in paying installments, and we are moving strongly in this regard,” the Prime Minister added. He also noted the increase in remittances from Egyptians abroad, which reached US$2.6 billion in August compared to $1.6 billion in August 2023.

Source: Egypt Independent November 15, 2024 21:50 UTC