Rafah border crossing opens for 3 days    Swiss extend freeze of Mubarak assets    6 police officers killed in IED explosion in Giza    ISIS sent 1500 militants to 'carry out' attacks in Europe    Cairo explosion kills six cops    Judges given final say on protests    Pound stabilising on the expense of stagflation    Digest    Second pardons planned    Getting ready for President Trump    Iranian ambition vs Arab division    The best is yet to come    El Clasico empties Egypt's streets    Give and take    An injection of vitriol    CINEMA    THEATRE    A historic agreement    EXHIBITIONS    Study: More refugees &migrants cross Egypt to Europe    Al-Masry Al-Youm journalists to escalate protest by starting hunger strike if demands not met    Religious discourse must be developed: Al-Sisi    Egyptian authorities arrest son of ousted president Morsi    ISIS calls for attacks in Bahrain & targeting Americans there    Sisi: God is on our side against terrorism    Human rights lawyer Azza Soliman released on EGP 20,000 bail    21-year-old terrorist killed in shootout with security forces in Qaliubiya    Al-Sisi visits Huawei Pavilion at 20th round of Cairo ICT    Electricity minister to send president memo on Dabaa negotiations next week    Immigrant lives at mercy of German bureaucracy, knows very well he has no asylum rights    Historical Intercontinental Hotel will not be demolished: Mohammed Abu Saada    Egypt's subsidy system: questionable corruption, unending problems    Foreign Affairs Minister attempts to alleviate tension with Saudi Arabia    Egypt hands all (Regeni's) documents requested by Italy    Cairo Art Fair: the city's largest showroom for contemporary art    Bibliotheca Alexandrina hosts Youth Science Film Festival for 2nd year    Google MENA hosts its first Escape Room in Cairo    Egypt signs 3 agreements worth EGP 2.5 Billion with Kuwait    Regeni Egypt investigators in a two-day visit to Rome    Mufti denounce the terrorist attack on Al-Azhar institute in Sinai    China signs '$2.62 billion' currency swap deal with Egypt    Egypt's women champions continue victories in the world of squash    Tunisian cinema critic: Culture is the way to defeat extremism    Egypt comes out on top at 2016 Women's World Team Squash Championship    Egypt heads to finals of Women's World Team Squash Championship    US & Egypt stress on protecting human antiquities against 'treachery'    Brazil football team Chapecoense in Colombia plane crash    Egypt organises American football league, first time in the Middle East    







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.