IMF Says Egypt Is Serious About Applying Flexible Exchange Rate

Egypt is “serious” about applying a flexible foreign-exchange rate, a senior International Monetary Fund official told Arabic TV channel Asharq, as the Mideast’s most populous nation works to restore investor confidence in an economy battered by the fallout from Russia’s invasion of Ukraine.

The remarks by Jihad Azour, the IMF’s director for the Middle East, North Africa and Central Asia, come after international ratings agencies and others voiced worries about the pace of reforms in the country of over 104 million people. Egypt agreed a $3 billion program from the IMF last year, but billions of dollars in extra financing expected to come mainly from Gulf Arab states has yet to materialize.