Morsi Espionage Case Adjourned    Egypt Expects $425 M From Islamic Development Bank, For Refinery, Airport    Egyptian Saudi Insurance House Invests EGP20mn in New Suez Canal Project    Egypt's Trade Deficit Shrinks 63.5% in June – CAPMAS    No Security Forces Inside Universities: Egypt's PM    Egypt Court To Rule On Listing Ultras 'Terrorists', 27 Septembera    Falcao And Co Begin New Manchester United Era Against QPR    Egyptian prosecutor calls in Interpol to arrest MB figure leaving Qatar    Egypt takes steps to increase Egyptian products in Russia    Troubled factories must solve banking problems with banks: Abdel Nour    7 high profile militants killed in Suez security raid    Al-Azhar students sentenced to 5 years    Missing engineer case is clear human rights violation: ANHRI    Novartis grows by 15%: CPO Head and Country President    Anti-Coup Alliance condemns Kerry's Cairo visit    Egypt redirects US military relationships    Dissolution of Ultras group delayed    Government to allocate budget revenues in CBE to Suez Canal investment certificates    Google launches a 360-degree street view imagery of Egypt's historical sites    Hacking like Egyptians    Conscript Shot Dead near Suez: Egypt Army    Cairo Court Sentences 13 Mosque Workers To Two Years In Prison For Illegal Protest    AfDB offers $150 million to help West Africa handle Ebola fallout: Le Monde    Interview - Ethiopia PM Seeks Win-Win Relations with Egypt    Larger Apple Iphone Shipments Delayed Amid Record Orders    Islamic State Video Purports To Show Beheading Of UK Hostage David Haines    VIDEO: Ahli snatch Super Cup after penalty drama    Amnesty Calls on Egypt to Release Protesters Arrested for Challenging Protest Law    Rare Flawless 'Blue Moon Diamond' Goes On Display In Los Angeles    Egyptian Heritage Group Raises Concerns Over joser Pyramid Restorations    Egypt Issues Stamps of New Suez Canal - but Uses Image of Panama Canal    Syndicate head notifies Egyptian authorities of journalists' hunger strike    MENA Infrastructure looks to Turkey for second, $500 mln fund    Iraqi PM renounces British citizenship by law    Power shift expected in Swedish election    Egypt's irrigation minister to visit Ethiopia next Saturday    Spain La Liga fixtures and results (3rd matchday)    'Too early' to assess Mohamed Salah's performance: Chelsea insider    Real Madrid's Ancelotti struggling to find squad balance    Morsi espionage case adjourned    All terrorists must be targeted, not just IS: El-Sisi    Egypt to ask IMF for first 'Article IV' consultations in 3 years    Egyptians students attend BioCamp in Switzerland    Rock the Casbah: Amusing Moroccan-French film tackles societal challenges    Art Alert: Two choirs join forces to sing works by Egyptian composers    UK's BBC Proms season ends with plea for music for children    VIDEO: Egypt in hot water after another defeat    More antiquities intended for smuggling detected, others to be returned soon: Tourism Police    







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Update: IMF chief to visit Egypt on 22 Aug, Cairo may seek $4.8 bln
Published in Almasry Alyoum on 15 - 08 - 2012

International Monetary Fund chief Christine Lagarde will visit Egypt next week in a show of IMF support for Egypt's transition.
“At the invitation of the Egyptian authorities, Managing Director Christine Lagarde ... will visit Egypt on 22 August,” the IMF said in a brief statement on Wednesday.
It added that the planned visit “is a reflection of the IMF's continuous commitment to support Egypt and its people during this historic period of transition."
Egypt's finance minister said earlier on Wednesday that Egypt planned to discuss the possibility of a bigger-than-expected US$4.8 billion IMF loan when a delegation from the global lender visits Cairo this month.
Successive governments have negotiated with the IMF to secure emergency funding that officials had put at US$3.2 billion, but no deal has been reached and Egypt's funding problems have steadily worsened during 18 months of political turmoil.
"We will discuss, in the negotiations we are to carry out with the IMF, increasing the loan to US$4.8 billion," minister Momtaz al-Saeed told reporters, adding that he asked the United States on Tuesday for a US$500 million grant to support the state budget.
On 5 August, the IMF said an official mission led by its Middle East and Central Asia chief Masood Ahmed would visit Cairo this month aiming to "resume discussions on possible financial support for a homegrown economic program."
On Tuesday, newly appointed Prime Minister Hashim Qandil said that on the sidelines of the signing ceremony of a $200 million loan from the World Bank for the benefit of the Social Fund for Development, a US delegation would also visit Egypt in August to discuss ways to support the local economy.
The PM said investors are queuing up to discuss investment opportunities in the country now that Egypt has a civilian government.
"The government is ready to receive requests for investors ... Some economic sectors will witness significant growth in the upcoming period, including tourism," he predicted.
He said that donors would find many projects ready to be carried out.
The Freedom and Justice Party had granted the former Cabinet headed by then-Prime Minister Kamal al-Ganzouri the approval to sign the IMF loan.
The overall budget deficit will rise 12.5 percent to LE135 billion in the fiscal year that began on 1 July, according to the Finance Ministry, which pushes the government to borrow from abroad to cover the deficit.
Edited translation from Al-Masry Al-Youm


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