Egyptian Finance Minister: Committed to Exchange Rate Flexibility and Market Demand-Supply

Egyptian Finance Minister, Mohamed Maait, stated today that the government is committed to exchange rate flexibility and market demand-supply dynamics, noting a 50% decrease in revenues from the Suez Canal without providing a specific timeframe for this decline.

He also mentioned expectations for the execution of several deals worth up to $3.5 billion, adding that the government will devise a plan to settle oil and gas arrears.

Maait announced yesterday that the government aims to reduce debt to below 90% of the Gross Domestic Product in the first fiscal year of the agreement with the International Monetary Fund for the first and second reviews of the financing program.

In a press conference broadcasted by Egyptian television to announce the agreement between the Egyptian government and the International Monetary Fund at the expert level, Maait stated that Egypt targets achieving a primary surplus in GDP of around 3.5% during the next fiscal year and working to reduce the overall deficit while continuing to have social protection packages to support needy segments.

Egypt to Export Natural Gas Despite Incomplete Operation of Israeli Tamar Field

The yellow metal is currently declining in Egypt. The price of gold for all carats today, Saturday, March 2, 2024, in goldsmiths shops