Recent meetings of the Egyptian Cabinet with new Governor of the Central Bank of Egypt (CBE) Hassan Abdallah focused on acquiring funding for strategic and basic goods as well as production materials for factories, Prime Minister Mostafa Madbouli said.
Madbouli chaired the first meeting of the Coordinating Council for Monetary and Financial Policies to review the coordination and cooperation mechanisms between the government and the CBE.
During the meeting, Madbouli said the Cabinet is coordinating fully with the CBE on financial and monetary policies to address the current challenges, a Cabinet statement read.
The state is intensifying its efforts to confront the challenges posed by the coronavirus pandemic as well as the Russia-Ukraine crisis, Madbouli said.
Despite the existing challenges, the Egyptian economy managed to grow by 6.6 percent during the past fiscal year (2021/2022), the country’s highest growth rate over the past 14 years, the premier added.
The meeting also reviewed the government’s negotiations with the International Monetary Fund (IMF), the statement said without further elaboration.
Egypt and the IMF are in talks over a new loan, which can total $5-7 billion, according to Fakhri El-Fiqi, head of Egypt's House of Representatives' Budget Committee.
The new loan aims to back Egypt’s economic reforms and to meet the country’s financial needs in response to the global economic challenges amid the ongoing Russia-Ukraine war.
Source: Egypt Today
