The Egyptian economic expert said that from tomorrow, Monday, October 21, until yesterday, Saturday, the 26th, the fund’s meetings will be held in the presence of the economic group in Egypt.
The economic expert added, during a telephone conversation with journalist Ahmed Moussa, on the “On My Responsibility” program broadcast on “Sada El Balad” channel, that President Sisi’s directive today conveys the image of Egyptian society, but it carries confirmation that the state is committed to repaying loans, despite the conditions. Political.
He pointed out that there must be a basic understanding of the Egyptian state’s loan process, although Egypt is one of the countries most committed to repaying loans, it must take into account the political and geopolitical conditions in the region, and the crises it is witnessing.
The economic expert explained that President Sisi directed the need to take into account what is happening in the region during negotiations with the IMF, explaining that during the period from 2016 to 2019 there was an economic boost that contributed to the decline of the dollar from 30 to 16 pounds.
He said that Suez Canal revenues were negatively affected by tensions in the Middle East, with tourism in Egypt being affected, and hard currency imports from Egyptians abroad declined over the past year.
The economic expert stressed the necessity of exchanging part of the debt for investments in Egypt to reduce the burden on the state, or postponing the payment of some debts for a year or two, until the situation in the Middle East stabilizes.
He added that there will be a change in the government’s procedures with the IMF after the president’s directives, noting that the International Monetary Fund announced that growth rates are declining globally.
He explained that the Egyptian Minister of Electricity spoke about the waste and theft of electricity in Egypt estimated at 30 billion pounds, and in Egypt there are about 10 million “tuk-tuks” that consume solar subsidized by the state without their owners paying any taxes, which requires the state to invest these resources to maximize its resources. Finance.
Source: RT
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