US delivers five M1A1 Abrams tank turrets to Egypt    Egyptian beaches: the Canal trio    Chelsea's Mourinho says disagreements with owner Abramovich are over    Swimming: Van der Burgh in record-breaking form in Kazan heats    Egypt's business activity drops in July as production drops    Emaar Misr H1 Net Profit up 283 pct    Detained fishermen's trial in Sudan adjourned to 6 August    Kurdish rebels attack Turkish military vehicle; 2 killed    Free train services in Egypt on Thursday to mark Opening of new Suez Canal    Bayern boss Guardiola raises doubts over Schweinsteiger's fitness    Sisi extends deployment of Egyptian armed forces involved in Yemen conflict    Egypt's security at highest level ahead of New Suez Canal inauguration    Germany: 27 injured in fire at former air-raid shelter    Israeli security arrests man after West Bank arson that killed toddler    Chinese police save infant girl from pipe in public toilet    Facing Islamic State threat, Iraq digitizes national library    Amal Clooney pushes Egypt President to pardon Al Jazeera journalists post retrial    Proverb of the day: Water gives the lie to the fake diver    Chinese factories face headwinds in July, Europe withstands Greek turmoil    Greek stock market reopens with 22 percent plunge    27 Muslim Brotherhood members acquitted over storming police station    BW Gas to provide Egypt with floating LNG terminal: EGAS    No journalists behind bars in Egypt for doing their job: Foreign minister    Kerry: Iran deal will make Egypt, region, safer    Proverb of the day: Don't say: she's lucky to have a child, but say she's lucky she found happiness    BREAKING: Egypt court postpones Al-Jazeera English verdict to Aug. 29    Schedule for Egypt's Parliamentary Elections Next Week    Ex-Egypt skipper Ahmed Hassan to coach Petrojet    Spaghetti and beef mince in creamy blue cheese sauce    How much Nile water?    The not-so-zero problem    Jockeying for position    The Muslim Brotherhood is extremist    No boycott of the polls    A message to all    A tale of two canals    Advantages of vacation working    Ahead of the pack    Junior Pharaohs thrill in Brazil    The long, hot summer    MUSIC AND DANCE    The candid camera culture    EXHIBITIONS    Fathi rejoins Ahly on Three-year Deal    Policeman killed in drive-by shooting at Niger Embassy in Cairo    Egypt police kill 2 Ajnad Misr militants in gun battle in Giza: MENA    Over 41,000 Egyptians, Foreigners Visited Giza Pyramids During Eid Holidays    Farewell Lawrence of Arabia, Omar El Sharif 1932-2015    







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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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