22 February 2013

Egypt: Foreign Reserves Shrink to $13.6 Billion

Foreign reserves have declined to $13.6 billion, sufficient for covering only three months of imports, said Planning and International Cooperation Minister Ashraf el-Arabi.

The figure is very disturbing and worrying, Arabi said in statements Thursday 21/02/2013.

Arabi called for societal unity on the national economic reform program and the government's talks with the International Monetary Fund for a $4.8 loan to get out of this crisis.

Foreign reserves were planned to reach $19 billion in June 2013 but the stumbling talks with the IMF due to the political situation will not make this figure possible, Minister Arabi said.

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