Unfriendly regimes, but stable: Egypt's regional choice    US condemns renewed violence in South Sudan    Wethaq Takaful Insurance: Q1 Premiums Hit EGP25 million    Dollar Rises against Yen, Euro After Fed Sounds Hawkish Note    Union of Arab Banks' Conference Kicks off in Sharm El-Sheikh    Sweden Becomes the First E.U. Member to Recognize the State of Palestine    Samsung Seeks Smartphone Revamp to Arrest Profit Slide    Microsoft Launches Wearable Fitness Device for $199    Court releases 26 Ultras White Knights detainees    Apple's Tim Cook says 'proud to be gay'    Oil drops below $87 as Fed optimism lifts dollar    Dramatic deterioration of human rights: EIPR    Shell hurt by oil price drop, names new chairman    Activists launch legal guide for homosexuals in Egypt    Celebrating Egypt's first aviator    War reporter-turned movie maker turns camera on Egyptian slums    Egypt Bans Pro-Morsi Pressure Group    Live score: Ittihad of Alexandria vs. Zamalek (Egypt's Premier League)    Rooney set for Manchester derby return    Where is the media in Egypt?    Egypt Clears Homes to Make Gaza Buffer Zone    UN to Review Egypt's Human Rights Record    Juventus suffer dramatic first loss in Serie A, Roma win    Searing saw: Sinai    Pope Tawadros visits Moscow    Egyptians forced to leave Libya want to return due to unemployment    ‘Prison Break' trial postponed to 30 November    Armed forces creating ‘secure zone' on Gaza border    Successful overseas dollar bonds launch will strengthen Egyptian economy: Experts    Al-Sisi stresses importance of informed religious speech    Oil rises above $86 ahead of Fed statement    Family of jailed activist Abdel-Fattah begins sit-in at Supreme Court    Suspended TV anchor Mahmoud Saad will return to airwaves    Egypt Withdraws Application to Host CAN 2015 over Ebola Fears    Dinner initiative attempts to create world without boarders    Colouring the grey city    Swiss agency approves trial for Ebola vaccine    Danish NGO official deported from Egypt over 'suspicious training'    VIDEO: Koka grabs stunning winner for Rio Ave    Egypt's Pharmacists Syndicate under supervision again    Zawya cinema is back, and in the same place    Don't Prejudge Egypt's New Draft NGO Law, Says Minister    VIDEO: Zamalek grab injury-time win to end drought    Katy Perry Cancels 30th Birthday Bash in Egypt amid "Safety Concerns"    Palestine's Mohamed Assaf wins 'Best Middle East Act' at MTV EMA    Egypt up 23 places in FIFA ranking    Royal Museum of Jewellery reopens for first time since 25 January Revolution    Italy-Egypt Partnership Growing, From Culture To Business    







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




Your friends recommend

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.