Abul Naga highlightes 'Knock the Door' mission to the USA
Egypt, Economics, 5/30/2002

Egyptian Minister of State for Foreign Affairs Fayza Abul Naga highlighted the tour made by "Knock the Door" mission to the USA where its members played key role in elucidating Egypt's viewpoint towards the current sensitive events in the region, and conveyed an important message to both the US Congress and President.

The minister dismissed reports that donors countries linked floating of the Egyptian pound to providing the $ 10.3 billion assistance approved in the Sharm El-Sheikh conference.

Abul-Naga said this matter was not raised for discussion at all during the Sharm El-Sheikh conference or during the talks with all the donor institutions, including the International Monetary Fund (IMF).

In a meeting on Monday with members of the American Chamber of Commerce in Egypt under Muhammad Mansour, the Minister said that the government is not facing a crisis that would make it in desperate need to get immediate assistance.

The government is committed to establish a flexible exchange rate mechanism to be run by the Central Bank of Egypt (CBE) without government interference, a matter that helped stabilize the rate of the Egyptian pound, said Abul-Naga.

She also referred to Egypt's commitment to spend these international assistance with full transparency and high efficiency.

"A plan was hammered out to restructure the foreign ministry's international cooperation sector to accelerate endorsement of the grants and assistance,'. she said.

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