The conclusion of the agreement with the IMF at the level of specialists on the elements of the country’s programme was revealed by the Egyptian Finance Minister Mohamed Moait at the start of the week. He also stated that an advertisement in this respect will be released “very soon.”
“Egypt began negotiations with the fund on a financial aid package in March, shortly after the Ukrainian crisis broke out. This caused the already precarious financial situation to worsen and forced foreign investors to withdraw roughly $ 20 billion from the Egyptian Treasury Market in a matter of weeks.
The index reached the ten thousand point mark last week with 9853. 74 points and finished the week’s trading at 10373. 53 points.
The index recorded gains between 0. 2 percent and two percent in four sessions of the five week, and only a slight loss in Wednesday’s session reached 0. 1 percent.
The index increased 1.2% at the close of today’s trading.
The approaching IMF accord causes a weekly increase of 4.3 percent on the Egyptian Stock Exchange.
About Author
