Arab Today, arab today egypt government finds surprising praise for economy hours before imf visit
Last Updated : GMT 21:39:22
Arab Today, arab today
Arab Today, arab today

Egypt government finds surprising praise for economy hours before IMF visit

Arab Today, arab today

Arab Today, arab today Egypt government finds surprising praise for economy hours before IMF visit

Cairo - Arabstoday

Egyptian government officials declared a \"big improvement\" in key indicators of the economy on Saturday, in a move former minister of finance Hazem El-Beblawi told Ahram Online had all the signs of a \"campaign for public opinion\" just hours before an IMF delegation arrives in Cairo for talks on a contentious $3.2 billion loan Saturday\'s edition of the state-run Al-Ahram newspaper quoted finance minister Momtaz El-Said as hailing significant improvements in Egypt\'s economic performance. Said\'s claims were supported by quotes from ministers with economic portfolios, including petroleum minister Abdullah Ghorab, who said Egypt\'s oil sector saw $8.6 billion of foreign investment in 2011. The country\'s total exports climbed to LE130.76 billion in 2011, up from LE110.259 billion the year before, minister of trade and industry Mahmoud Issa was also quoted as saying. The timing of the news, which follows months of official warnings about the state of the economy, led former finance minister El-Beblawi to suggest the government is trying to build popular support before agreeing to the controversial measure of international borrowing. \"In the beginning [the Ganzouri government] started by exaggerating the problems of the economy, now it wants to show Egypt is in good shape to take on the IMF loan,\" he told Ahram Online by telephone.   In July, Egypt\'s military rulers rejected a loan from the International Monetary Fund after public outcry, but worsening state finances are forcing the country to return to the negotiating table. An IMF mission is due to arrive in Cairo on Sunday. The optimistic words published in Al-Ahram might have come as a surprise to those who remember the gloomy economic pronouncements made by key government and military figures in recent months. \"The gravity of the economic situation is unimaginable,\" Egypt\'s Prime Minister Kamal El-Ganzouri said in early December, shortly after being appointed. Just days before Ganzouri\'s speech, Major General Mahmoud Nasr, a senior army financial official, suggested Egypt\'s foreign reserves were in freefall. Earlier in 2011, Nasr claimed Egypt faced bankruptcy and a \"revolution of hunger\" due to continual protests. In the wake of last January\'s uprising, revolutionary groups have claimed that Egypt\'s rulers use the fear of economic collapse to clamp down on industrial strikes and public demonstrations. El-Beblawi, who was finance minister between July and November 2011, said the encouraging financial figures mentioned in the Al-Ahram article were \"nothing new\". \"I always said during my time in office that the actual economy is not in bad shape but that the main problem is cashflow and liquidity,\" El-Beblawi explained to Ahram Online. While tourism and foreign investment have been badly hit, production, remittances and exports have been relatively steady, he said. \"[Today\'s announcement] was to show we are not in a desperate position but are entering talks with the IMF from a position of strength,\" El-Beblawi added, predicting that a borrowing agreement would finally take place.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt government finds surprising praise for economy hours before imf visit Arab Today, arab today egypt government finds surprising praise for economy hours before imf visit

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday