PM reviews developments of bailout program with IMF

CAIRO – 22 November 2022:  Prime Minister Mostafa Madbouli on Tuesday chaired a meeting of the Ministerial Economic Committee to follow up on the developments of a bailout program with the IMF to support the national economy.

The premier also reviewed other programs and initiatives aimed at increasing the country's dollar revenues in the short run, including an initiative to import custom-free cars for personal use in exchange for a dollar deposit, and a program for selling land and housing units to Egyptians living abroad.

The meeting was attended by Central Bank of Egypt (CBE) Governor Hassan Abdalla, Petroleum Minister Tareq el Molla, Supply Minister Ali Moselhi, Planning Minister Hala el Saeed, International Cooperation Minister Rania el Mashat, Finance Minister Mohamed Maait, Public Business Sector Minister Mahmoud Esmat, Trade and Industry Minister Ahmed Samir and Tourism Minister Ahmed Issa

Cabinet Spokesman Nader Saad said the meeting tackled the developments of the four-year bailout program reached with the IMF in late October to back the economic reforms in Egypt.

The spokesman added the meeting took up how to increase the country's foreign reserves to continue providing basic commodities and supporting various economic sectors that need the US dollar for export.

The meeting discussed how to revive the tourism industry and stimulate the programs of medical tourism, with the aim of raising the country's dollar reserves.