Today, Sunday, former Egyptian Deputy Prime Minister Ziad Bahaa El-Din denied what was reported about the International Monetary Fund imposing a trusteeship on the countries it lends, including Egypt.
In televised statements, Bahaa El-Din indicated that Egypt is one of the founders of the International Monetary Fund, indicating that the Fund’s function is to support member states, whether financially or technically, according to Egyptian media.
Bahaa El-Din considered that there is no such thing as a “trusteeship”, indicating that this talk ended 50 years ago.
Bahaa El-Din considered that holding the economic conference recently hosted by Cairo was an occasion to discuss the economic situation, especially as it is known that Egypt is on the verge of an agreement with the International Monetary Fund.
Bahaa El-Din pointed out that the economic conference should be viewed as a beginning and not an end, considering that the state ownership policy document is a serious attempt to set the rules for interaction between the state and the private sector.
The former Egyptian official noted that the rumors about the state’s exit from economic activities are illogical.
Egypt succeeded in securing $5 billion after agreeing to facilitate the fund, in addition to $1 billion from the International Monetary Fund’s Sustainability and Resilience Fund.
Earlier, the Central Bank of Egypt liberalized the price of the dollar against the pound in Egyptian banks, which allowed it to reach more than 23 pounds to the dollar for the first time in its history.
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