Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Egypt to ask IMF for first 'Article IV' consultations in 3 years
Egypt invites Fund for long-delayed economic assessment in hope of improving country's image before February 2015 investment conference
Published in Ahram Online on 13 - 09 - 2014

Egypt will ask the IMF for a long-delayed economic assessment in the hope of improving the country's image before a February investment conference, the finance ministry said in a statement.
The government said it wants the results published before the Egypt Economic Summit in Sharm el-Sheikh, a conference to boost investment in an economy battered by years of political turmoil and a lack of investor confidence.
"We hope that the (IMF) report comes in favour of Egypt and contributes to the return of foreign flows, either directly as investments in the real economy or indirectly by improving the stock market," the finance ministry statement said.
Egypt has not held Article IV consultations, where IMF experts assess a country's financial and economic state of affairs, since March 2010, according to the IMF.
The consultations scheduled for a year later were postponed after President Hosni Mubarak was overthrown in February 2011.
Mubarak's ouster and the political turmoil that followed it triggered a sharp decline in foreign investment and tourism revenues, hammering the country's economy.
The unemployment rate is 13.4 percent, up from 9 percent in 2010, and 60 percent of youth are unemployed, the government said last week.
Officials forecast economic growth at just 3.2 percent in the fiscal year that began July 1, well below levels needed to create enough jobs for a rapidly growing population and ease widespread poverty.
A successful investment conference might help the government push through reforms needed to reach agreement on a loan package with the International Monetary Fund.
An IMF deal could then improve confidence among investors, who have been unnerved both by years of turmoil and by a host of other problems, ranging from costly energy subsidies to lack of transparency in economic management.
Gulf states, which have been planning the conference since April, have taken a keen interest in seeing Egypt, the largest Arab state, get back on its feet.
The UAE, Saudi Arabia and Kuwait have provided more than $12 billion in cash and petroleum products to prop up Egypt's economy since the ouster of Islamist President Mohammed Mursi last year.
They see Egypt as the front line in the battle against the Muslim Brotherhood, and want to see the current government of President Abdel Fattah el-Sisi succeed after he toppled Mursi.
The Brotherhood's populist platform helped it triumph in post-Mubarak elections, but its political Islam puts the group directly at odds with the Gulf monarchies' dynastic rule.
Gulf countries also want to ensure aid and investment are spent efficiently in a country where past leaders with military backgrounds have often mismanaged the economy.
Cash transfers from the Gulf have helped shore up Egypt's foreign currency reserves in recent months, which reached $16.836 billion in August. But reserves are still less than half the $36 billion held before the 2011 uprising against Mubarak.
http://english.ahram.org.eg/News/110675.aspx


Clic here to read the story from its source.