Currencies

Cabinet discusses ways to raise foreign currency gains in short term

The Egyptian Cabinet’s Economic Ministerial Committee discussed a number of programs that target raising the country’s foreign currency gains in the short term, the Cabinet’s Spokesperson Nader Saad Revealed on November 22nd.

The programs included the tax-free car importation initiative and the offering of land plots and residential units for Egyptians abroad, Saad added.

In a cabinet meeting on November 22, the committee reviewed the state’s foreign exchange reserves position needed to fill the gap of basic commodity demands, as well as support the different economic sectors that hinge on dollars, Saad highlighted.

Increasing Egypt’s foreign currency gains will bolster tourism and promote medical tourism, he pointed out.

Saad added that the committee also discussed latest updates of the International Monetary Fund’s (IMF) four-year international financing program to support Egypt’s economic reform.

On November 10th, Minister of Finance Mohamed Maait announced that the board of the IMF would discuss the four-year international financing program to support Egypt’s economic reform in December.

This includes a staff-level agreement with the IMF under the Extended Fund Facility (EFF) at a value of $3 billion, along with $5 billion package from a number of international and regional partners, Maait said.

Moreover, it includes the possibility of obtaining an additional financing worth $1 billion from the IMF’s Resilience and Sustainability Trust (RST), the minister added

On October 27th, Egypt reached an agreement with the IMF over the four-year international financing program worth a total of $9 billion, including the $3 billion package from the IMF, along with $1 billion from the IMF’s Resilience and Sustainability Trust (RST) and $5 billion from international partners.

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