Latest round of negotiations between IMF and Egyptian government
The Egyptian Investment Minister Osama Saleh says that the country\'s loan agreement with the International Monetary Fund (IMF) remains in place, despite recent reports to the contrary.
Speaking to reporters, he said that the IMF
was reviewing the proposal put forward by the Egyptian government and considering its ability to achieve the required volume of growth. He denied reports that the IMF sent an official letter changing their minds over the loan agreement.
The IMF\'s board of directors will meet on December 19 to discuss awarding Egypt a loan of $4.8bn and help finance a program of economic reform. The program will last for 22 months and aims to reduce the deficit in the public budget.
Saleh said: \"I don’t think that the political unrest seen in Egypt following the constitutional declaration will influence the agreement between the Egyptian government and IMF for a loan of $4.8bn. The government aims to achieve economic growth in the region of 2.5 percent to 4 percent this year.\"
Media reports over the past few days have suggested that political tensions could undermine Egypt\'s chances of getting a monetary fund loan.
Last November, the IMF approved Egypt\'s request to borrow $4.8bn after negotiations that lasted 3 weeks. They signed a letter of intent which will be presented to the board of management for formal approval.