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The Governor of the Central Bank of Egypt (CBE) Hisham Ramez affirmed that securing US$ 4.8 billion loan from the International Monterey Fund (IMF) is essentially needed by the country as it will be an international approval of Egypt’s economic reform plan.
During an interview with Mahmoud Saad on Al Nahar TV Channel, Ramez added that the IMF loan will enable Egypt to receive other financing packages from lenders, but if the government failed to secure the loan, there will be other ways out through uniting the powers and stabilizing the situation.
“The loan will enable the country to avert a potential crisis temporarily, but the real, lasting solution is achieving political stability and boosting the national economy,” he concluded.
