Egypt has no need for new IMF financing programs, says central bank official

RIYADH: Egypt is expected to obtain the last tranche of an International Monetary Fund (IMF) loan, amounting to $1.6 billion in June, said Central Bank Deputy Governor Rami Aboul Naga.
He told broadcaster Al Arabiya that it was unlikely Egypt would need a new financing agreement with the IMF after its earlier commitment of $8 billion from the fund.
He said that the program helped Egypt to build a cash reserve greater than international standards demanded, and enabled banks to rebuild foreign assets abroad.
The Central Bank of Egypt expects an increase in international reserves as a result of the monetary policy adopted by the bank, he said.
He said that the banking sector regulator stood ready to intervene to control inflation rates according to monetary policy tools should the need arise.
He added that the country had achieved self-sufficiency in many sectors and was no longer subject to fluctuations in gas and energy prices.
He said Egypt was hedged against oil price movements, strengthening its ability to absorb external price shocks without fueling inflation.