International cooperation minister projects foreign reserves to rise next month

Minister of Planning and International Cooperation Fayza Abouelnaga expects foreign reserves to rise next month with the stabilization of political and economic conditions.

Speaking to the Shura Council’s Finance and Economic Affairs Committee on Monday, Abouelnaga said foreign reserves were depleted by US$3 billion every month at the beginning of the revolution, started to decline to $2.5 billion, until it dropped to $600 million in the past months.

The government has wisely allowed foreign investors to transfer $10 billion out of the country two months after the revolution,” she said. “This made them trust the government and would encourage them to reinvest in the local market.”

She said that local wheat production increased by three million tons this year, which eases the burden of importing from abroad and saves foreign currency.

She also said that intense negotiations are underway with international financial institutions for a $1 billion credit to buy petroleum products, particularly butane gas.

Edited translation from Al-Masry Al-Youm

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