Egypt rules out currency devaluation amid IMF delegation’s visit

Egypt's government has ruled out an upcoming currency devaluation against the US dollar that coincides with the current visit of a delegation from the International Monetary Fund (IMF), describing possible scenarios as “mere speculations.”

During a phone interview with a talk show broadcast on satellite channel Al-Hadath Al-Youm on Saturday evening, the cabinet’s official spokesman Mohamed El-Homsany told host Sayed Ali that "the outcome of the meetings between Egyptian officials and the IMF delegation would be announced after negotiations over a new deal with new terms are concluded".

The IMF mission, led by Mission Chief for Egypt Ivanna Vladkova Hollar, has been in Cairo for ongoing discussions over the first and second reviews of Egypt’s reform programme supported by the fund’s Extended Fund Facility (EFF).