Cairo – Mubasher: Egypt reserves of strategic goods are enough to cover its needs for a period between five to six months, said Supply Minister Mohamed Meselhy.
The Central Bank of Egypt allocated $1.8 billion to ensure six months of reserves of strategic goods, added Meselhy.
The government also raised the crops supply prices for the current session, noted Meselhy.
Egypt suffers from remarkable decline in FX reserves as it slide from $36 billion before 25 January uprising in 2011, to $19 billion by the end of October 2016.
Earlier, the executive board of the International Monetary Fund (IMF) approved to grant Egypt a fund facility of $12 billion over three years.
The IMF fund aims to support the country’s broad fiscal reform program it embarked in 2014.
