Arab Today, arab today egypt pm wants to resume talks on imf loan
Last Updated : GMT 06:11:37
Arab Today, arab today
Arab Today, arab today

Egypt PM wants to resume talks on IMF loan

Arab Today, arab today

Arab Today, arab today Egypt PM wants to resume talks on IMF loan

Cairo - AFP

Prime Minister Hisham Qandil said on Sunday that Egypt wants to resume talks with the International Monetary Fund in January on a $4.8-billion loan frozen this month because of political tensions and unrest. \"We have invited (the IMF) to resume talks during January,\" Qandil told a news conference in Cairo. He said the sum involved was \"small,\" but \"its value is in the sign of confidence it gives to the Egyptian economy,\" which he admitted was in difficulty although talk of bankruptcy was not in order. The request for a loan, made last August, was suspended on December 11 for a month, with Cairo saying the postponement was \"because of the political situation in the country.\" The presidency of Mohamed Morsi is going through its worst crisis since his election in June, mainly over a referendum on a new Islamist-drafted constitution that was approved by 64 percent of voters but in which the secular opposition alleged fraud. The likelihood of prolonged \"elevated\" political conflict despite the adoption of the constitution prompted the ratings agency Standard and Poor\'s to knock Egypt\'s long-term credit rating down a peg this week to \"B-\". Egypt has also frozen a series of planned tax rises aimed at bringing state finances into line with the expected terms of the IMF loan but which could have had serious social repercussions. \"The economic situation is difficult, there\'s no doubt about that,\" Qandil told reporters on Sunday, adding: \"But we cannot talk about bankruptcy. \"The problems are difficult and complex. We have huge challenges to meet after the revolution,\" he said, adding however that \"there is a light at the end of the tunnel... and the length of this tunnel depends on us.\" Since the February 2011 ouster of long-time strongman Hosni Mubarak, the economy has nosedived as investment from abroad has dried up and key revenue-earner tourism has taken a major tumble. In a speech to the senate on Saturday, Morsi tried to sound a note of optimism. \"I say to all, both at home and abroad, the state of financial institutions is not what some are trying to picture,\" he said, adding that foreign reserves increased by $1.1 billion from July to $15.5 billion in November. \"We cannot even consider this satisfactory. In June 2010 it was $35 billion. But in July 2012 it was $14.4 billion,\" he said. \"But with Egypt now approaching stability, and with a sense of responsibility, we will do our utmost to double it (reserves) in future.\" However, the Central Bank said in a statement later on Saturday that foreign currency reserves were critically low and must not be allowed to sink further or the country would not be able to meet its external debts. It did not give a figure. And on Sunday the state-run MENA news agency reported that the Egyptian pound was trading at 6.36 against the dollar, compared to 6.1 a month ago -- its worst level since the ouster of Mubarak.

arabstoday
arabstoday

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 pm wants to resume talks on imf loan Arab Today, arab today egypt pm wants to resume talks on imf loan

 



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 pm wants to resume talks on imf loan Arab Today, arab today egypt pm wants to resume talks on imf loan

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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