Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    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    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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, IMF closer to loan deal
Published in Bikya Masr on 09 - 03 - 2012

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


Clic here to read the story from its source.