Bloomberg News

Egypt Not Looking to Devalue Pound as It Seeks Loan, Ahram Says

August 22, 2012

Egypt doesn’t intend to devalue the Egyptian pound, the state-run Al-Ahram reported today, citing Finance Minister Momtaz el-Saieed, ahead of a meeting with the IMF to discuss a request for a $4.8 billion loan.

The International Monetary Fund didn’t impose conditions on the loan request made more than a year ago for $3.2 billion, El- Saieed said, adding that a devaluation was not a consideration.

The IMF’s Christine Lagarde is to meet with Egyptian President Mohamed Mursi, Prime Minister Hisham Qandil and Mursi’s economic team today.

To contact the reporters on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net;

To contact the editor responsible for this story: Louis Meixler at lmeixler@bloomberg.net


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