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.
