Central bank governor Tarek Amer has stated that the International Monetary Fund (IMF) offered new funding but Egypt rejected it. Amer affirmed that there...

Central bank governor Tarek Amer has stated that the International Monetary Fund (IMF) offered new funding but Egypt rejected it.

Amer affirmed that there are talks with the IMF but not because there is a need for funding.

Egypt signed an IMF loan of USD12 billion at the end of 2016, and it received the loan via tranches.

Amer said the country will benefit from the Fund’s expertise in structural reform programs in order to increase the efficiency of state institutions.

Egypt has paid all overdue debts to foreign oil companies, the governor said late Tuesday.

“Four years ago we had USD6.5 billion in debt to foreign oil companies, all of which we paid,” Amer said in a televised interview.

Egypt’s Minister of Petroleum Tarek el-Molla told Reuters in July that overdue debts had fallen to USD900 million by the end of June 2019.

Remittances from Egyptian expatriates hiked 12.7 percent during October 2019, reaching USD2.3 billion, compared to USD2.1 billion in October 2018, the central bank stated Wednesday.

It clarified in a statement that the remittances of Egyptian expats during the first four months of fiscal year 2019/2020 increased by 13.4 percent and recorded about USD9 billion, up from around USD8 billion registered during the same period of 2018.

Remittances are one of Egypt’s main foreign currency sources.

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