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New flotation of Egyptian pound not possible

IMF experts did not arrive in Cairo until after filling the financing gap through recent Arab investments, Al-Fiki added.
08.12.22 | Source: Egypt Independent

The Egyptian pound has already been floated, a measure that will continue for four years, said the Chairman of the House of Representatives’ Plan and Budget Committee,MP Fakhry al-Fiqi, who also shot down the possibility of a new flotatio


The third program of the International Monetary Fund witnessed arduous and delicate negotiations over a period of seven months, starting from March until October 27.


Fiqi revealed in a phone call on the “Last Word” program that the new program will last four years or over a period of 48 months


He added that the steps and procedures of the IMF meetings went as normal, as the IMF Board must approve the procedural steps, and an initial agreement cannot be signed unless there approved from the fund’s Board of Directors.

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