Manchester terrorist attack: Police confirmed 19 killed, 50 injured    20 killed: More on Manchester explosion: A bomb detonated as the first people were leaving a concert    Egypt's Endowment Ministry: We have cleansed mosques from extremists    Raising interest rates shakes markets, disturbs business community    Banks tend to maintain interest rates unchanged despite CBE's 2% hike    The Islamic-US summit, a Sunni mobilisation against Iran?    Mechanisms of GCCEI yet to be declared, experts praise Al-Sisi's speech on counterterrorism    Investors believe raising interest rate is wrong, expert says it could control the economic situation    Solution for Palestinian issue remains unclear in wake of US-Arab-Islamic Summit    Last words from church suicide bomber: Thanks for the hospitality. See you in Heaven!    U.S. and Egypt Celebrate 70th Anniversary of Fulbright Program    Real Madrid end five-year La Liga title drought    Somalia's drought exacerbating    Egypt central bank hikes key interest rates    UAE in Riyadh Summit: Muslim Brotherhood on top of terrorist groups    Attorney General refers 48 suspects of Palm Sunday blasts to military judiciary    Press Syndicate head bonds with Interior Minister    High Administrative Court questions constitutionality of Emergency Law articles    Court accepts Ahmed Nagi's appeal, sentences a retrial    Court acquits Mona Al-Iraqi on charges of insulting police officer    Army destroys two tunnels beneath Egypt-Gaza border    Just in: 48 referred to military judiciary over 3 attacks on churches in Egypt    Ice Hockey: Holders Canada stun Russia with third-period comeback    Who is Abu Osama al-Masri, ISIS' Mayor in Sinai?    Egyptian-German business forum to convene in Berlin in June    After tribal clashes, is Sinai militancy turning into proxy war?    Al-Bawaba News holds seminar in tribute to late Egyptian thinker El-Sayyid Yassin    Bundesliga: The final day permutations    To promote tourism... Cristiano Ronaldo's family visits pyramids    "Clash" keeps its success chain in de Cinéma Vues d'Afrique    Aisha Fahmy's palace opens after 15 years of restoration    Family of football player Ronaldo visits Pyramids & Egyptian Museum    New contract to establish solar station signed in Egypt    Hong Kong Science Museum to showcase Egyptian mummies    Egyptian team adds 5 new medals at 4th Islamic Solidarity Games    Ezzat Abou Ouf denounces Abdel Rehim Ali's assassination attempt    مباشر – مانشستر يونايتد 0-0 أندرلخت    بارترا يتحدث بعد "أطول 15 دقيقة في حياته"    Newsreel    New Year routine    Imminent cabinet reshuffle    Footballer furore    In quest of national consensus    ‘Protecting the weakest'    Briefs    IMF open to scrutiny    Art heist goes wrong    All the fun of the Book Fair    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





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


Clic here to read the story from its source.