Egypt doesn’t intend to devalue the Egyptian pound, the state-run Al-Ahram reported today, citing Finance Minister Momtaz el-Saieed, ahead of a meeting with the IMF to discuss a request for a $4.8 billion loan.
The International Monetary Fund didn’t impose conditions on the loan request made more than a year ago for $3.2 billion, El- Saieed said, adding that a devaluation was not a consideration.
The IMF’s Christine Lagarde is to meet with Egyptian President Mohamed Mursi, Prime Minister Hisham Qandil and Mursi’s economic team today.
To contact the reporters on this story: Tarek El-Tablawy in Cairo at email@example.com;
To contact the editor responsible for this story: Louis Meixler at firstname.lastname@example.org