Getting IMF proves confidence in Egyptian economy

Egypt's attainment of the dlrs 12 billion loan of the International Monetary Fund (IMF) will encourage more investments and buttress hard currency reserves, said the deputy chairman of the 10TH of Ramadan Investors Association.

In statements to MENA on Saturday, Walid Hilal said getting the IMF loan reflects confidence in the Egyptian economy.

Hilal said the government should take more measures to facilitate investment, ditch bureaucracy and solve investors' problems.

Hilal called for tightening monitor of customs outlets to halt smuggling that harms national industry.

Hilal considered as "positive" the decision taken by the Central Bank of Egypt on liberalizing exchange rate, adding that the decision will boost exports.

As for the rise in dollar exchange rate after the decision, Hilal expounded that the market needs a transitional period during which it will go up and down until it stabilizes