The IMF’s managing director, Kristalina Georgieva, has criticized Egypt’s multiple exchange rate policy, stating that it only benefits the privileged. She compared attempts to stabilize the Egyptian currency without addressing foreign reserve leakages to “putting water in a bucket that has holes.” Despite this criticism, Georgieva expressed her respect for President Abdel Fattah Al-Sisi and stated that the IMF is still in discussions with Egyptian authorities. She emphasized the importance of a closer working relationship with the global lender in helping Egypt make the right decisions.
Georgieva also urged Egypt to improve its competitiveness by allowing the private sector to flourish and create jobs. She called for the state to step back from sectors where the private sector is better equipped, and for support to be targeted towards the vulnerable rather than benefiting the rich. Additionally, she highlighted the need for Egypt to bolster its foreign reserve position.
President Al-Sisi, meanwhile, requested understanding and mercy from global lenders, citing the high costs of infrastructure projects in Egypt.
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