CAIRO: The saga over the International Monetary Fund (IMF) delivering an aid package to Egypt is one step closer to seeing the end, with the international body on Thursday saying a delegation will arrive in Egypt later this month to discuss the final preparations for an IMF loan for Egypt's downtrodden economy. “We have now received a document that describes in broad terms their economic program,” IMF spokesman Gerry Rice told reporters. “In coming days our staff will be studying that document and assess the policies, and … we expect to schedule a mission to Cairo in the second half of March,” he added. The talks will cover details of the economic program and a possible IMF arrangement, he added. In late February, the IMF said 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/vV5xy Tags: Economy, IMF, Loan, Visit Section: Business, Egypt, Latest News
