(MENAFN) Egypt's fast-drying foreign reserves may slow next month, Reuters reported, citing local media.
Al-Shorouk newspaper quoted Central Bank Governor Hisham Ramez as saying that he expected the government to present its economic reform plan to the International Monetary Fund (IMF) within a week in order to seal a USD4.8-billion loan deal.
Egypt's foreign exchange reserves sharply fell to USD13.6 billion last month, from USD36 billion on the eve of the 2011 uprising that ousted former President Hosni Mubarak.
This was due to the political turmoil that has scared off investors and tourists. They are now less than the amount needed to cover three months of imports, according to the central bank.
In November last year, Egypt and the IMF reached an initial accord, but ratification was postponed at Cairo's behest in December following the eruption of a new wave of political unrest.
Although the loan has little to do for Egypt's budget problems, it is viewed as important to drawing in assistance from other investment sources.
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