The World Bank welcomed the float of the EGP in a press release on Friday that also praised measures to promote investment (especially in Upper Egypt), adjusting energy prices to reflect market conditions, and strengthening the social safety net. These reforms would “would boost the competitiveness of Egyptian businesses, support export growth, attract new foreign investment, free public resources for priority growth and social programs, and support incomes for the poor and the vulnerable.”

US Secretary of State John Kerry also reportedly said nice things about the reforms, saying in a brief statement: “The Egyptian government took important steps this week as part of its ongoing economic reform program. Liberalizing its foreign exchange system and reducing costly fuel subsidies demonstrates a determination to put the country on the path to economic recovery. The task before them is a challenging one, but ‎it is encouraging that Egyptian leaders are making the difficult decisions needed to move their country towards prosperity.” Sec. Kerry’s remarks are being blasted to the masses by Al Ahram.