Egypt’s Economic Reform Plan Requires Upper House Approval

The Egyptian government will not amend the economic reform plan submitted to the International Monetary Fund (IMF), unless the Shura Council objects to the country’s public budget, said the Minister of Finance Fayad Abdel Monem.

On the sidelines of Sukuk Practical Applications Conference, Abdel Monem affirmed to Amwal Al Ghad that signing the US$ 4.8 billion loan agreement with IMF is one of the government’s top priorities.

The government has set the economic reform plan to reduce the burgeoning budget deficit through rationing expenditures and reforming the subsidy system.