Arab Today, arab today egypt seeks 48 billion imf loan to fix economy
Last Updated : GMT 12:52:49
Arab Today, arab today
Arab Today, arab today

Egypt seeks $4.8 billion IMF loan to fix economy

Arab Today, arab today

Arab Today, arab today Egypt seeks $4.8 billion IMF loan to fix economy

Cairo - AFP

Egypt on Wednesday asked for a $4.8 billion loan from the International Monetary Fund, which stressed the need for a reform programme to deal with the country\'s economic crisis. The request was made during a visit by IMF managing director Christine Lagarde to Cairo, where she met President Mohamed Morsi and Prime Minister Hisham Qandil. \"The loan in general terms is worth 3.2 billion US dollars. We talked about increasing it up to probably 4.8 and maybe more,\" Qandil told a joint news conference with Lagarde. He said Egypt was seeking a signing by the end of 2012 of a loan agreement based on an interest rate of 1.1 percent and a five-year repayment period following a 39-month grace period. Lagarde said in a statement: \"The authorities have indicated that Egypt would like the IMF to support Egypt\'s economic programme financially to help the country recover and to lay the foundation for strong growth that benefits all.\" \"Getting the country\'s economy back on track and raising the living standards for all will not be an easy task,\" she said. \"The IMF will accompany Egypt as it undertakes this challenging journey.\" She also told reporters the IMF had been \"very impressed\" with the strategy and ambition that Morsi and his prime minister had laid out in their meetings. But Lagarde stressed the two sides had not \"gone into details\" on the amount or the terms of the loan programme. The loan amount would form \"part of a dialogue that we will continue to have.\" Lagarde said an IMF team would visit Egypt in September to continue working with the Egyptian authorities. The IMF would be a partner to Egypt as it embarks on a journey of economic reform to restore stability, boost investor confidence and create jobs, the organisation\'s chief said. The fiscal, monetary and structural reforms would require \"determination\" and \"political courage,\" the IMF chief added. The visit came as Morsi, Egypt\'s first civilian and Islamist president, moves to consolidate power after his election in June. It follows more than a year of instability since an uprising which toppled his predecessor Hosni Mubarak. State media on Wednesday reported that Morsi is to visit the United States on September 23 to attend the UN General Assembly in New York and hold talks with \"senior officials\" in Washington, where the IMF has its base. Egypt\'s economy has been hard hit by the 2011 uprising, a fall in tourism revenues, slump in foreign investment, decline in foreign currency reserves and widening of the budget deficit. Tourism, one of the main sources of revenue and a job provider for 10 percent of the population, is making a recovery but security concerns have kept foreign investors at bay. Meanwhile, central bank reserves have plunged from 36 billion dollars at the start of January 2011 to 14,4 billion dollars, threatening to curtail Egypt\'s ability to import basic goods such as wheat and refined oil products. Morsi, who rose from the ranks of the Muslim Brotherhood to the presidency, appointed Qandil as prime minister on August 1 and tasked him with improving security and living standards in Egypt.

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 seeks 48 billion imf loan to fix economy Arab Today, arab today egypt seeks 48 billion imf loan to fix economy

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" 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