IMF Managing Director Christine Lagarde said that Egypt is suffering a currency “crisis” that should be addressed, Bloomberg reported on Thursday.
“In terms of the exchange rate, there is currently a crisis because if you look at the official price (and) If you look at a black market price, there is a 100 percent difference. So that needs to be addressed and we believe that the authorities are right to prepare for that.”
In an interview with Bloomberg Television in Riyadh she continued that the IMF will “certainly” support Egypt, if the government moved forward.
“We really strong welcome the fact that the Egyptian authorities are deciding to address those issues and it is for the Egyptian authority, for the Egyptian people and for the Egyptian economy. And we welcome that; and if they decided to move forward, we certainly will support that move.”
Egyptian government has asked for $12-billion loan from the IMF to help the country end the economic crisis it suffers.
