Egypt has enough reserves to make payments on external debts: Minister

Ahram Online, Thursday 27 Dec 2012

Minister of Finance Momtaz El-Saeed voices optimism towards alleviating external and internal financial debt, despite reports on Egypt's deteriorating economic situation

Egypt's finance minister Momtaz El-Saeed (Photo: Al-Ahram)

Egypt has enough reserves to meet its external and internal financial obligations on time, Minister of Finance Momtaz El-Saeed stated on Wednesday.

Rumours have been circulating that the state is on the brink of bankruptcy, following reports last week of the resignation of the governor of the Central Bank of Egypt (CBE), Farouq El-Oqda's .

El-Oqda has since denied leaving his position.

El-Saeed added that the ministry is orchestrating efforts with Egypt’s Central Bank to pay these debts.

Talks with the International Monetary Fund (IMF) have been resumed in order to allow Egypt to receive a $4.8 billion loan to boost its financial situation, according to El-Saeed.

Earlier this month, Egypt has asked the IMF to delay its approval of the loan until next month due to domestic political circumstances.

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