EGP edges lower against USD in early Monday trade    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    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, Huawei explore healthcare digital transformation cooperation    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's Sisi: Egypt is gateway for aid to Gaza, not displacement    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 says no IMF agreement until June
Egypt's agreement with the IMF over a financing package might take longer than expected
Published in Ahram Online on 03 - 04 - 2012

Egyptian Planning Minister Faiza Abu El-Naga said on Monday that Egypt expected to sign a $3.2 billion financing package with the International Monetary Fund in June, three months later than it had previously hoped.
The political and economic turmoil since President Hosni Mubarak was ousted in February 2011 has dragged the country towards a balance of payments crisis, and in January the government said it wanted to seal an IMF agreement by March.
The IMF says that before it agrees to a loan, the government must first sell the plan to the country's political forces, especially the Muslim Brotherhood's Freedom and Justice Party, which won nearly half the seats in the new parliament.
It also wants Egypt to line up billions of dollars in additional loans from other international donors.
The FJP says the government has been reluctant to share the details of a reform plan it has drawn up with the IMF, making it hard for parliament to support any accord.
Abu El-Naga told reporters on Monday that she expected a memorandum of understanding would be signed within a few weeks and that the agreement would be struck by June. Half of the $3.2 billion loan would be paid out as soon as the agreement is signed.
An IMF technical team returned to Cairo last week to continue working out details of an agreement.
Egypt has spent more than $20 billion in foreign reserves since last year's uprising to prop up its currency, limiting its slide to only 3.65 percent against the dollar since January 2011 despite the loss of some of the country's main sources of foreign exchange.
The central bank on Monday said reserves fell another $600 million in March to $15.12 billion. This is equivalent to less than three months worth of imports and includes $4 billion in gold bullion the government would be reluctant to draw down, economists say.


Clic here to read the story from its source.