08:29 PM
Thursday 25 August 2022
Books – Moataz Abbas:
Hani Geneina, an economist and former deputy governor of the Central Bank, confirmed that he expects the International Monetary Fund to approve the request submitted by Egypt at the level of experts and technical team, and then submit the approval to the Executive Board of the Fund for final approval.
Geneina added, during an interview with the “Decision Makers” program, broadcast on the “Echo of the Country” satellite channel, today, Thursday, that any differences between the government and the fund will be resolved by scheduling the procedures, because the fund prefers that some of these procedures take place within a year, but Implementing these measures will be difficult for the Egyptian government, so the loan will be negotiated, which is expected to be repaid to the International Monetary Fund within 4 years.
He continued, “I do not think that there will be a gradual rise in the dollar price every month,” noting that the exchange rate regime that the IMF wants is an average of 5 or 10 years, meaning that it will be a liberalized exchange rate, and the central bank’s intervention is limited through the monetary reserve. in times of crisis.
He pointed out that Egypt is required to pay $30 billion, including $10 billion in debt due to the higher import bill than export, stressing that the state might take austerity measures to reduce the import bill and raise the interest rate.
