The International Monetary Fund (IMF) delegation stated Egypt can overcome its economical crisis and recover faster. "Egypt is expected to achieve fast economic growth rates soon," said IMF representative of Egyptian and Arab countries, Dr. Abdul Shakur Shaalan, in an IMF delegation statement. Shaalan said although Egypt refused to accept U.S. $3 billion loan from IMF, the loan will still be available for Egypt. "The Egyptian currency is able to face strong crises," said Shaalan. "Egyptian officials claim to reduce the general budget deficit to 8.5 percent instead of 12 percent without affecting the Egyptian pound exchange rate.” Shaalan said Egypt must apply cash support instead of in-kind support in order to help those who need support. “Investment in Egypt is slow at the present time,” said Shaalan. "IMF expected this retreat according to unclear political future. However after passing this phase, investments rate is expected to rise or even exceed its normal average. Many international companies are looking to hold investments in Egypt." Shaalan said corruption exists all over the world but it reached terrifying level in Egypt with the former regime, which was committed by the people around the former president Hosni Mubarak. He said Egypt can't host the annual conference for World Bank and IMF because of current circumstances. Washington requested to host the conference this year. Japan requested to host the conference, but its request may not be accepted. Arabic here
