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Economist: Ras Al-Hikma deal boosts Egypt sovereignty
Dr. Hani Abu Al-Fotouh confirmed that Prime Minister Mostafa Madbouly's announcement of not seeking new loans from the International Monetary Fund reflects a strategic shift in Egypt's economic sovereignty. This decision is based on the success of the current program valued at $8 billion, and the country's foreign currency reserves reaching a historic high of over $53.134 billion in May, following the development deal of Ras Al Hikma that contributed to an influx of European and global investments. This situation has enabled the government to manage finances independently, reduce reliance on international loans, and strengthen the country's confidence in successfully continuing reviews with the Fund.
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