Taxes on the bourse    Damage to Turkey's standing    Slow-cooked or raw Brexit?    Egypt ‘shocked and distressed' by Ethiopian PM's comments on GERD    Lebanon PM seeks foreign support for reforms amid protests    UK lifts four-year ban on flights to Egypt's Sharm el-Sheikh    NBE leasing arm receives EGP1bln loans from 5 banks    President Sisi arrives in Sochi for Russia-Africa Summit    Live score: Juventus v Lokomotiv Moscow (UEFA Champions League)    Israel's Netanyahu gives up effort to form new government    Beckham's stadium complex for Inter Miami taking shape    Tennis: Hewitt happy to end Davis Cup exile of "different" Kyrgios    Saudi profits from corporate earnings, Qatar extends losses    Canada's Trudeau retains power in election but will have minority government    Egypt's parliament endorses €205 mln loan deal with EBRD to upgrade Cairo Metro's first line    Liverpool's Egyptian star Mohamed Salah among 2019 Ballon d'Or nominees    Egypt's train fares to not increase until developing services – minister    Oil steady on weak demand worries despite U.S.-China trade optimism    Liverpool's Egyptian winger Salah ruled out of Manchester United clash    European markets seen cautiously higher as Brexit uncertainty returns    WHO hails 'triumph' as Ebola vaccine gets European green light    Current and ex smokers may lower lung cancer risk with exercise    Egypt's Sisi praises SCC's role in protecting justice, rights, freedoms    France's President Macron receives Egypt's Coptic Pope Tawadros II at Elysee    After a young pupil dies of meningitis in Egypt, tips to help prevention    French President Macron receives Egypt's Coptic Pope Tawadros II at Elysee    Grand Nile Tower Arts & Cultural Centre launches second round    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Luxor's new discoveries    Moroccan film Nomades scoops awards in Alexandria Film Festival    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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





Egypt negotiates with IMF for $5.5bn loan to support budget: Minister
Egypt has embarked on a fiscal reform programme since the election of President Abdel-Fattah El-Sisi in June 2014 in hopes of reducing the budget's widening financing gap
Published in Ahram Online on 15 - 10 - 2015

Egypt is negotiating with the International Monetary Fund (IMF) for a $5.5 billion loan to support the state budget, International Cooperation Minister Sahar Nasr was quoted as saying by the Middle East News Agnecy (MENA) on Thursday.
Egypt has embarked on a fiscal reform programme since the election of President Abdel-Fattah El-Sisi in June 2014 in hopes of reducing the budget's widening financing gap.
The country's financing gap is estimated by the IMF at $20 billion over the coming two years, the fund director for the Middle East and North Africa, Masood Ahmed, said during the annual meetings in Peru last week.
Last month, the IMF concluded a visit to Egypt in which it approved of the measures taken by the government and the Central Bank recommending further subsidy cuts, introducing a value-added tax and further devaluation of the pound.
In the last fiscal year, Egypt cut fuel subsidies, raising prices by up to 78 percent at the pump, but so far no further fuel cuts have been made as the country, a net importer of oil, made use of falling oil prices.
The Central Bank devalued the pound further on Thursday to 7.83 against the dollar from 7.73 in the first official depreciation since July.
Egypt is facing a foreign currency crisis with the net foreign reserves falling for the third consecutive month to stand at $16.335 billion at the end of September.
http://english.ahram.org.eg/News/158016.aspx


Clic here to read the story from its source.