Cairo – Mubasher: Egypt’s Ministry of Finance stated that there aren’t any announced conditions in respect to the financial reform program presented by the International Monetary Fund (IMF), where Egypt expects bailout of around $12 billion.
The Ministry of Finance assured that the reform program was fully set up by Egypt and it comes as a part of the country’s economic vision for 2030.
Earlier news reports, reported that there are a number of announced conditions regarding the IMF loan to Egypt, like laying off around 1million employees working at the public sector.
The ministry affirmed that the reform program aims controlling the budget deficit and accelerating the growth rates.
A delegation from the IMF arrived in Egypt on Saturday, responding to a request for a multibillion dollar bailout for the country's flagging economy.
Reserves fell 18.1% from June to December, shrinking to $16.5 billion, before edging up to $17.546 at the end of June, according to central bank data. Egypt had $36 billion in reserves before the 2011 uprising.
The local currency, the pound, has been falling to new lows. The official central bank rate is 8.78 Egyptian pounds to the dollar, but the true price on Egypt's black market, according to media reports, is around 12 and has even reached 13 to the dollar at times.
