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Egypt still waiting for international finance Egypt remains on the search for sources of finance to tackle its liquidity crisis despite apparent public opposition to conditional borrowing
Looking for finance, Egypt presented a detailed paper on its short and medium-term economic plans to the G8 summit in Marseille on Friday. "The paper includes the financial needs of the Egyptian economy as well as the action plan of the government to satisfy citizens' ambitions and the policies needed to restore growth rates." said Hani Qadri Demyan, assistant to Egypt's minister of finance, in a press release. According to the minister himself, Hazem El-Beblawi, Egypt is facing a temporary lack of liquidity as a result of a sharp drop in foreign and local investment and a general slowdown in economic activity. The deterioration of Egypt's international finances is also stifling hopes of a quick economic recovery. Beblawi said in the meeting that Egypt has an integrated vision with an eye to sustainable development. According to the finance minister, the strategy's main elements are: a 'population strategy', increasing productivity and upgrading education and training systems in order to guarantee a competitive edge in the region. No further details about the discussions were released and nor were dates or means of payment. The government seems keen on the aid, despite Egypt's rejection in June of loans from the International Monetary Fund (IMF) and World Bank after varied critics baulked at agreeing to any foreign involvement or guidelines in the country's economy. A G8 summit in the French city of Deauville promised $38 billion in financing for the Arab spring in the so-called Deauville Partnership forged at the time with Egypt and Tunisia. But this week both north African countries-- which ousted strongmen leaders in popular uprisings and are due to hold elections before the end of the year -- said they had so far received little or nothing. Tunisia's Finance Minister Jalloul Ayed told the London-based Financial Times that his country hadn't received a penny, while his Egyptian counterpart said only $500 million had come through.
