The regional manager of the International Monetary Fund (IMF) in the Middle East, Ratna Sahay, said what have been published in Egyptian newspapers about her criticizing Egypt's economic policies are false. There was a misunderstanding when with her recent declarations about the new budget, passed by the government. Sahay expressed her respect and appreciation for Egypt's military council, who make the right decisions and agree with her respectful decisions that Egyptian authorities need to reduce spending. She assured the IMF welcomes assisting Egypt in the most suitable way. She said the IMF loans would cover only seven percent of Egypt's budget deficit. She expressed the fund's insistence on resuming dialogue with Egypt's government as a member state. Sahay added Egypt's government has main challenges during the current stage, like how to re-formulate the subsidies policies to ensure delivering them to people who deserve it. Also it is important for Egypt to create more job opportunities to confront unemployment and meet the needs of the poor in Egypt to curb reduce poverty in Egypt. She said these challenges are the main obstacles Egypt needs to confront to develop especially with the soaring prices of food and the notable drop in revenues of tourism and investment. She clarified the fund offers its loans without pressuring the government. She emphasizes her respect to Egypt's decision and says, "It isn't our right to interfere in Egypt's decision of foreign funding especially since Egypt didn't take any loans from the fund since 1998." Sahay said the fund sent a mission in June to negotiate with Egypt's government about the loans. She added it will not sent any other missions in the near future. She said the fund issued a clarification about the fund's vision to the situation and future of Egypt's economy. She said the fund expected an improvement in Egypt's economy in the next phase because it has human and economic resources that qualify it to restore its position. She said stabilizing Egypt's economy is a starting point to achieve stability of the regional and international economy.
