IMF did not ask to cut subsidies on bread, food commodities: Finance min.

CAIRO - 30 August 2022: Finance Minister Mohamed Maait affirmed that the International Monetary Fund (IMF) did not ask him during the negotiations to cut subsidies on all bread or all food commodities.

 

In a phone call Monday with "Salet el Tahrir" [Newsroom] TV show, broadcast on Sada El Balad channel, Maait said that the State achieved a primary surplus for the fifth year in a row, at a value of LE 100 billion, at a rate of 1.3 percent of GDP.

 

Egypt's domestic debt was LE 89.2 billion s in 2011, and it reached LE 103 billion due to the events of January 25, he went on to say.

 

The inflation, which is spiking around the world, could not be controlled by any finance minister, he said, stressing that the world is currently suffering from skyrocketing prices in petrol and food.

 

The situation began to improve after 2015, he said, noting that Covid-19 gripped the globe after that and caused economic crises.

 

A decision will be issued within 72 hours to prevent the accumulation of goods inside ports, said the minister.

 

There is a remarkable and continued improvement in the State's general budget, he further said.

 

The State is supporting the industry sector and is currently working to postponing real estate tax for three years, he added.

 

The oil price at the general budget was dlrs 60 per barrel and it stands now at dlrs 100, he noted.