News ID: 110702
Publish Date : 30 December 2022 - 20:57

Egypt Backs Bigger Private Sector Role to Meet IMF Demands

CAIRO (Reuters) – Egypt has lifted a key restriction on imports and approved a list of economic activities the government would leave to the private sector, in an effort to meet two key conditions attached to the International Monetary Fund’s $3 billion support package. In a statement, the central bank said it dropped a requirement for importers to use letters of credit and the government will now allow direct payment. The condition, introduced in February to ease a dollar crunch that was exacerbated by the Ukraine conflict, has drawn complaints from businesses and caused shortages of a variety of imported goods.