Forgive us for feeling it’s a bit anticlimactic, but: The House of Representatives voted in a plenary session yesterday to approve Egypt’s USD 12 bn bailout agreement with the International Monetary Fund, Ahram Gate reports. Our elected representatives grabbed what might be their last opportunity to bellyache about what they claim is the unconstitutionality of the government signing the agreement before getting House signoff, according to the newspaper. Finance Minister Amr El Garhy threw cold water on the claim, stressing that the agreement is part and parcel of the state’s economic reform plan, which the House had approved. House Speaker Ali Abdel Aal had said that the Honorable Members signing off on the agreement meant there was no need for a national referendum on the pact.
More from Enterprise
Central Bank of Egypt looks to renew USD 2 bn Kuwaiti deposit as regional conflict stalls FDI conversions
The maturing USD 2 bn deposit is expected to be…
Miga guarantee unlocks USD 313 mn for National Bank of Egypt trade finance
Plus: Incolease taps securitization market with debut EGP 2 bn…
Ceasefire optimism triggers EGX30 rally and EGP recovery
The EGP gained around 2.5% on the greenback by the…
IBF & Company doubles down on logistics with Techno Metal acquisition
Plus: Lucky lands USD 23 mn in Series B round,…