CAIRO: The International Monetary Fund (IMF) said on Thursday that the economic situation in Egypt remains challenging and that the economic growth for the country has stalled, “which harms the Egyptian economy and affects the people.” Gerry Rice, the spokesman of the IMF, stated during a press briefing in Washington, that the foreign exchange reserves have dropped significantly in Egypt, which led to the reduction of the authorities margin to maintain macroeconomic stability. Rice explained that the talks with the Egyptian authorities are ongoing and the IMF is ready to support a national program that includes the necessary action to rebuild confidence and the protection of vulnerable household.” He continued, “we do not have the program yet, and therefore will not go into details.” Egypt's Finance Minister Mumtaz El-Saeed said the Egyptian government would sign a memorandum of understanding with the IMF in March for a $3.2 billion loan. It also comes after Egypt reportedly requested a one billion dollar loan from the World Bank in an effort to fill the gaping budget deficit afflicting the country. BM ShortURL: http://goo.gl/l3j5n Tags: debt, Economy, featured, IMF, Loan Section: Business, Egypt, Latest News
