Sunday 22 Dec

Stock Market

IMF: Agreement grants Egyptian government powers to support EGP in emergencies


IMF: Agreement grants Egyptian government powers to support EGP in emergencies

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that the Egyptian government may need to intervene in the Egyptian pound (EGP) movements in certain circumstances.

She emphasized that the agreement between the IMF and the Egyptian government grants the government the authority to intervene when necessary to support the EGP. However, Georgieva stressed the importance of not misusing these powers.

In addition to her comments, Georgieva stressed, in press statements, the need for the Saudi government to achieve balance between reserve utilization and borrowing, taking into account the cost of borrowing and the alternatives available for reserve utilization.