Egypt expects to sign IMF deal before November 11Staff Writer | November 7, 2016
The International Monetary Fund (IMF) will give its final approval on Egypt’s $12 billion lending programme before November 11, the chairman of Egypt’s largest-listed bank, CIB, said.
Economies Hisham Ezz al-Arab said in a television interview
Egypt received earlier in August a preliminary approval for the three-year deal aimed at plugging its budget deficit and balancing currency markets but the IMF's executive board still has to sign off.
“Floating the Egyptian pound will make a positive impact on the national economy; the market will witness some uncertainty for a just a while and citizens have not to worry.” Ezz al-Arab said. ■