IMF has Nothing to Do with Egyptian Economic Policies

The International Monetary Fund (IMF) has nothing to do with any economic policy carried out by the Egyptian government, said Minister of Finance Momtaz el-Saeed on 23/08/2012. In press statements, Minister Saeed added that supporting the national economy by the IMF is very important as it gives Egypt a clean bill of health testifying that its economic reform is going well. Several countries are waiting for such a testimony by the IMF so that they can start pumping more investments on the Egyptian market, he added.

Getting loans from the IMF is meant to push up investments and enhance the industry, the minister said, adding that such a state of affairs will help increase economic growth rates. On the other hand, Minister Saeed stressed that Egypt received $500 million as part of a Qatari deposit, worth $2 billion. Qatar has already deposited the money in the Central Bank of Egypt, said the minister. He added the ministry urged the CBE to convert the sum to pounds to be used in boosting resources of the public treasury.