Only government that decides to renew IMF deal, CBE chief

Thursday 09 August 2018 01:06 PM

Tareq Amer, Egypt's Central Bank Governor
Tareq Amer, Egypt's Central Bank Governor

By Sayed Badr:
The governor of Central Bank of Egypt (CBE) Tareq Amer said that it is the Egyptian government that decides to extend agreement with the International Monetary Fund (IMF) after expiry in 2019, rather than CBE.
This statement made as a response to Al Mal newspaper’s question during Amer’s meeting with reporters, on the sideline of the annual conference of the Association of Central Banks of Africa, which began in the resort of Sharm El-Sheikh yesterday.
CBE chief said that Egypt has undergone unprecedented crises before liberalization of exchange rate and implementation of economic reform program, adding that the government had to take critical decisions to spark off this crisis.
He stated that Egypt had no other choice but to resort to IMF to obtain reform credential, which would return the country to the outside world.
“We are the ones who resorted to IMF, but the reform program is a purely Egyptian”, Amer said. “We managed to spark off a crisis that could cause other worst crises”.
Prime Minister Mostafa Madbouly opened the annual meeting of the Association of Central Banks of Africa in Sharm El-Sheikh yesterday.
The conference is held to boost economic relations with African countries and achieve mutual benefits.