CAIRO, June 17 (Xinhua) -- Governor of the Central Bank of Egypt (CBE) Tareq Amer said on Monday that currency flows worth 200 billion U.S. dollars have been injected into the banking sector to support the country's economy since November 2016.
"Egypt has no need of a new program with the International Monetary Fund (IMF) following the end of the current economic reform program in June," Amer told reporters on the sidelines of the second edition of the FinTech Conference.
He added that the government has developed ambitious plans to bolster the country's economic situation.
The appreciation of the Egyptian pound's value was driven by an increase in foreign exchange earnings and a surge in foreign investments, as well as the significant improvement in the balance of payments, Amer said.
The IMF and the Egyptian authorities have reached a staff-level agreement on the final review of Egypt's economic reform program which will finalize granting Egypt 2 billion dollars on May 17.
Egypt agreed a three-year IMF loan of 12 billion dollars in November 2016 that is tied to economic reforms such as subsidy cuts, tax hikes, enacting the value-added tax, as well as the devaluation of its local currency.
Egypt has received so far 10 billion dollars of the total loan.
