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Panel convenes to draft plan on LIBOR

by Gazette Staff
March 18, 2021
in Business, Egypt
Egyptian Minister of International Co-operation Rania el-Mashaat

Egyptian Minister of International Co-operation Rania el-Mashaat

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The possible phasing out of the London Inter-bank Offered Rate (LIBOR) was the topic of a special prime ministerial committee meeting Thursday.

Minister of International Cooperation Rania el-Mashaat Thursday chaired the meeting of the committee, which was formed by the prime minister late last year, to make plans to deal with the phasing out of LIBOR by global regulators and identify alternative benchmark rates.

El-Mashaat highlighted the role of the committee in coordinating between national agencies concerned and formulating the best possible means to cope with the LIBOR phase-out.

The work of the committee will boost cooperation between the Egyptian government and all the international financing institutions with which it deals and protect Egyptian government interests, the minister said.

The measures to be formulated by the committee would be a term of reference for all international financial institutions if LIBOR is phased out, the minister added.

The committee will draft technical and legal measures to deal with the transition from LIBOR, she said.

The same measures will be referred to the prime minister for review.

The committee, formed by Prime Minister Moustafa Madbouli late last year, comprises representatives of the finance ministry and the Central Bank of Egypt under the chairmanship of the ministry of international co-operation.

 

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