Egypt's move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund official said.
a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting.
"The move to a flexible exchange rate will help the Egyptian economy to be protected from term-of-trade shocks as well as external shocks, especially at a time when global financial conditions have tightened and became more challenging," he said. The IMF, in a statement on Thursday confirming a staff-level agreement on a $3 billion, 46-month Extended Fund Facility, said a flexible exchange rate regime should be "a cornerstone policy" for rebuilding and safeguarding Egypt's external resilience.
Asked if there were assurances on assistance from wealthy Gulf states, Azour said: "Yes and some of the Gulf authorities already issued statements in support of the programme". He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states' deposits in Egypt's central bank.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden to travel to Egypt, Cambodia and Indonesia for November summitsU.S. President Joe Biden will travel to Egypt to participate in the COP27 United Nations climate change summit on Nov. 11, where he will call on the world to act 'in this decisive decade', the White House said on Friday.
Read more »
Greta Thunberg to skip 'greenwashing' COP27 climate summit in EgyptSwedish climate activist Greta Thunberg said on Sunday she will skip next month's COP27 talks in Egypt, slamming the global summit as a forum for 'greenwashing'.
Read more »
Al Ahly Coach: Nothing Feels Better Than Winning Trophies | Soccerladuma'Nothing feels better than winning' Al Ahly head coach Marcel Koller was overjoyed after securing his first trophy after his side defeated Zamalek in the Egypt Super Cup. SLInt MORE:
Read more »
Busking Brit crosses Iraq on his way to COP27 without flyingWith a violin on his back and maps in his bag, Dan Hodd left Spain a month ago and was cycling through busy Baghdad as he heads to the COP27 climate talks in Egypt that he firmly intends to reach without flying.
Read more »
Cape Town endurance swimmer swam 123km across the red sea'123 km. 16 days. 2 continents. 1 message.' University of Cape Town alumnus has completed the world's first swim across one of the globe's warmest oceans. All in the name of saving our oceans and coral reefs:
Read more »
GLOBAL ENVIRONMENTAL CRISIS: Greenhouse gas emissions are tipping the scales and, yes, every fraction of a degree mattersJust weeks ahead of United Nations climate change negotiations to be held in Egypt, various agencies of the UN have underscored the urgent, substantial work that needs to be done globally. Their reports show that greenhouse gas emissions have reached record highs and worryingly, efforts to rein them in have so far been ‘insufficient'.
Read more »