IMF Urges Egypt to Address Foreign Reserves Leakages and Support Vulnerable Populations
Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), emphasized the importance of addressing foreign reserve leakages and supporting vulnerable populations in Egypt to effectively stabilize the country’s currency.
Georgieva highlighted that attempting to bolster the Egyptian currency without addressing these leakages is futile, akin to “putting water in a bucket that has holes.” She also pointed out that Egypt’s policy of multiple exchange rates has resulted in privileged positions for certain individuals, undermining broader economic benefits.
However, the IMF is engaging in ongoing discussions with Egyptian authorities to find solutions. Georgieva expressed her confidence in President Abdel Fattah Al-Sisi’s ability to make sound decisions for the country and emphasized the value of a collaborative relationship with the IMF.
She commended the Egyptian authorities for their decision to leverage the expertise of the International Finance Corporation (IFC) to support their efforts.
Clever Robot News Desk 28th June 2023