Egypt’s foreign reserves sufficient for seven months of imports – statement

A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. REUTERS/Amr Abdallah Dalsh

Egypt has sufficient foreign reserves to cover more than seven months of imports, its finance ministry said in a statement on Wednesday.

Egypt’s foreign reserves rose to $40.3 billion in March, up from $40.2 billion a month prior.

The finance ministry said it expected Egypt to achieve a primary surplus of 1% by the end of the current fiscal year and 1.5% in the 2021-2022 fiscal year which begins in July.

The ministry also said that electricity and gas prices for industry would be fixed for the next three years.

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