Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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 IMF options open, has not asked for funds
Published in Almasry Alyoum on 31 - 10 - 2011

Egypt is open to IMF funding, but the country has not made any formal request for aid since turning down a financing package in June, the finance minister said on Monday.
Minister Hazem al-Beblawy said last week that local lenders had nearly reached the maximum they could lend to cover the budget deficit, and said Egypt would have to seek funds from abroad. Cairo has also been in talks with Gulf states about support.
When Egypt turned down the US$3.2 billion package from the International Monetary Fund in the summer, the then finance minister – since replaced by Beblawy – said Egypt would rely on domestic sources and that the ruling military council was wary about building up debts.
An IMF team has been in Egypt to assess financing needs. But an IMF official said last week that the institution had not received any official request for cash from Cairo.
"There is no formal negotiation yet ... They are looking at the situation," Beblawy told Reuters, adding that the IMF team was still in Egypt.
"They will continue here to the end of this week. It is a routine visit, consultation, and we are discussing all the possibilities, but the formal negotiation or a request from Egypt has not taken place," he said.
Egypt's economy has been hammered by an uprising that toppled Hosni Mubarak in February and ongoing uncertainty about the shape of a future government after a parliamentary election that starts on 28 November. The army will still be in charge until a presidential vote, a date for which has yet to be set.
The growth rate has slowed sharply and the budget deficit is forecast by the government to be 8.6 percent of gross domestic product in the financial year 2011/12. Economists say the actual deficit may turn out to be bigger.
Asked whether Egypt wanted to renew the US$3.2 billion package, Beblawy said: "We were not discussing any details at this moment. We were discussing the possibility, what is their advice, and the possibility of renewing their proposal, but we have not discussed any details."
Egypt has received US$1 billion budget support from Saudi Arabia and Qatar and has been negotiating much bigger aid packages that would cover the budget, projects and other aid. Beblawy said there were no fresh developments in those talks.
The United Arab Emirates said this month it planned to provide US$3 billion in financial aid to Egypt, but was still discussing the mechanism to deliver it.
Some diplomats say Saudi Arabia may be reluctant to give cash to Egypt because of the treatment of its former ally, Mubarak, who is now on trial for the killing of protesters. During his trial, Mubarak has been put in a cage in court, as is normal for defendents in Egypt.
The diplomats say it sets an unwelcome precedent in a region where many countries are run by longtime rulers or monarchs, despite uprisings that have ousted leaders in Tunisia, Egypt and Libya.


Clic here to read the story from its source.