00:00 The situation now is that everything is under surveillance by Moody's and the IMF.
00:05 We even saw that there are bonds that were sold for a year or so, or 364 days, for about
00:17 600 million euros.
00:18 They were covered.
00:19 I think this is even done to cover the IMF's budget, which is the solution for this month.
00:27 We are facing a decisive decision today regarding the renewal of the central bank governor,
00:37 Mr. Hassan Abdullah.
00:38 Mr. Issa took over the task in August 2022.
00:44 The steps we saw from the critical policy taken by Hassan Abdullah, and aside from the
00:52 compensation for the banks in his time, to what extent can the renewal support?
00:59 And is there still other steps to be taken in this renewal, maybe more than the renewal
01:06 of the critical policy?
01:08 I mean, everything that happened from the compensation or the reduction of the currency
01:16 in the last year, I think it didn't go in any direction.
01:23 On the contrary, the inflation has increased.
01:26 There was no dollar gain in line with the reduction of the value of the pound.
01:31 The problem is a structural problem, not a financial problem.
01:34 It is a problem related to the structure of the Egyptian economy, a distorted structure,
01:39 an incorrect and unhealthy structure in the end.
01:42 It is obvious that the private sector is now less than 20%.
01:47 This means that the other side of the country's military economy is the biggest.
01:52 This is the crisis at the moment.
01:54 This is one of the conditions of the IMF in its revision.
01:58 The need to reduce this size in the economy and the direction to support the private sector.
02:05 Even all the legislative incentives to cancel the government's budget.
02:11 The military economy is also exempted from it in the end.
02:14 This is the main problem.
02:16 We are going around in circles.
02:19 It is a story that should be realized that things will not work this way
02:24 and we will reach a different result.
02:26 Will Mr. Issa remain the solution to save the dollar currency, which is the sale of assets?
02:33 Because for the first time we are seeing the inability of foreign assets
02:37 to exceed the value of foreign reserves for the Egyptian central bank.
02:41 Will the issue of assets and the sale of assets to strategic investors remain the solution
02:46 and the successful paper, if the expression is correct, in front of the government to save this dollar?
02:51 If the state wants to preserve the military economy in its current size, it will resort to this.
02:58 As for the radical solution in this matter, it must be reduced to this activity
03:03 so that it solves the problem of the private sector, which has the ability to attract foreign investors
03:09 and thus attract a dollar income that can exceed what is coming out of the country.
03:17 Thank you, Mr. Issa Fathi Al-Oudou, the editor of Al-Qahera company for the circulation of financial papers.
03:22 You were with us from Cairo.
03:24 and the Kahera community.
