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Wednesday, 24 August 2016

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg:



"President Abdel-Fattah El-Sisi said Egypt would end its dollar exchange rate problem within months because it can’t put off tough measures to revive the economy, amid signs Gulf states’ aid won’t flow as freely as before.

In an interview with three state-run newspapers published Tuesday, El-Sisi said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. With the country bracing to meet International Monetary Fund requirements for a $12 billion loan, El-Sisi’s comments offered some of the strongest indications yet that Egypt was moving to free its exchange rate or devalue its pound.

“The size of the challenges is beyond imagination, and the responsibility for coping with them doesn’t fall solely on my shoulders but is a responsibility shared by Egyptians as a whole,” El-Sisi was quoted as saying in state-run Al-Ahram. “The future of the nation is at stake.”
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