The Egyptian cabinet’s Economy Ministers Committee has discussed several programs aimed at boosting the country’s foreign exchange earnings in the short term, government spokesman Nader Saad said on November 22.
Programs included a duty-free car import initiative and offering land and housing units to Egyptians abroad, Saad added.
At the Nov. 22 cabinet meeting, the committee reviewed the state of the country’s foreign exchange reserves, which are needed to bridge the gap between basic commodity requirements and support various sectors of the economy that depend on the dollar, Saad stressed.
He stressed that increasing Egypt’s foreign exchange earnings will boost tourism and medical tourism.
Saad added that the committee also discussed the latest updates to the International Monetary Fund’s (IMF) four-year international financing program in support of Egypt’s economic reform.
Finance Minister Mohamed Maait announced on November 10 that in December the IMF Board would discuss a four-year international financing program to support Egypt’s economic reform.
That includes a $3 billion staffing agreement with the IMF under the Enhanced Fund (EFF), as well as a $5 billion package from a range of international and regional partners, Maait said.
Additionally, it includes an opportunity to receive $1 billion in additional funding from the IMF’s Resilience and Sustainability Trust (RST), the minister added.
On October 27, Egypt agreed with the IMF on a four-year international financial program totaling US$9 billion, including a US$3 billion package from the IMF, along with US$1 billion from the Resilience and Sustainability Trust ( RST) from the IMF and $5 billion from international partners.
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