Mido sacked as Zamalek coach despite Egypt Cup triumph    Elegant Louvre Garden in Paris infested with rats    IMF agrees on $5 billion credit line for Morocco    Egypt doubles diplomatic staff to help Egyptians leave Libya    Initiative reports 13 harassment incidents in Eid    Hamas denies accepting a 24-hour truce    Top price of Kenya's highest grade tea rises at auction    Bayern Munich goes Green for U.S. Tour    Madagascar billed as surfing paradise    Israeli shelling hits Gaza power plant, 40 killed    Army Kills 7 Militants in North Sinai - MENA    Dollar Pauses for Breath After Strongest Week Since March    Nikkei Hits Six-Month High on Earnings Hopes; Casino Plays Outperform    Iran Proposing to Egypt Joint Humanitarian Aid Delivery to Gaza    Egypt Tops List of Countries that Hate the US the Most - Study    Kerry's Ceasefire Pivot Angers Egypt, Israel—Even the Palestinian Authority    Army kills 7 militants in North Sinai    10 children killed in shelling of Gaza park    Africa e-commerce firm expands to new markets    No deaths in Qalioubiya clashes: Health directorate    أندية أوروبا تتسابق في تهنئة المسلمين بعيد الفطر    Egypt mourns the death of 23 nationals in Libya shelling    Military bands greet travellers on Eid holiday    ‘Dangerous' Ansar Beit Al-Maqdis member killed during arrest operation: MOI    Egypt-Ethiopia Ties Cannot be Reduced to Dam Issue; Says Egyptian FM    Almost 100 Palestinians Treated in Egypt Since Start of Israel's Aggression    PM Mahlab to Lead Egypt's Delegation in US-African Summit    How Eid changed over time    Explosives experts delay opening of Giza Zoo    VIDEO: Wasteful Zamalek fail to break Mazembe    UConn makes 3-D copies of antique instrument parts    Prosecutor general orders release of 45 students for Eid    Keeping up with the changing Egyptian Ramadan    ‘Where is the Queen?'    Kids search for alternatives to omitted children shows    Ramadan desserts go global    High occupancy in Red Sea and South Sinai pre-Eid Al-Fitr: Hotels Chamber    VIDEO: Ahli win in CAF Cup as debutants impress    Anti-harassment group to form Eid operation rooms    General Authority for Tourism needs restructuring: Egyptian Federation of Chambers of Tourism chairman    Plan To Move Downtown Street Vendors To Car Park May Cause Traffic Problems    More works found at German collector's apartment    Egypt's El-Sisi to Speak to the Nation Thursday    Egypt Prime Minister Steps In To End Military Issue Surrounding Chelsea's Salah    Handball: Egypt Drawn With France, Sweden In World Championship    Universal Acquires Jolie-Pitt Film Project 'By The Sea'    Egypt To Pardon Prisoners On Anniversary Of 1952 Revolution    Exhibit celebrates mobile phone photography    







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.