16 November 2012

Egypt: CBE Governor - IMF Approved Most of Programs Finalized By Egypt

Governor of the Central Bank of Egypt (CBE) Farouk Al Oqda said the agreement with the IMF is nearing for that Egypt to receive the $ 4.8 billion loan.

Oqda added that the IMF team approved most of the programs finalized by Egypt especially concerning the rationalization of subsidy concerning the subsidy of gasoline and butane as well as mending the imbalance of the tax structure through using progressive tax with 25 percent ceiling.

Egypt told IMF team it will never devaluate the Egyptian pound.

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