Arab Today, arab today finance minister egypt to sign reduced imf loan by 2013
Last Updated : GMT 15:39:15
Arab Today, arab today
Arab Today, arab today

Finance Minister: Egypt to sign reduced IMF loan by 2013

Arab Today, arab today

Arab Today, arab today Finance Minister: Egypt to sign reduced IMF loan by 2013

Cairo - Arabstoday

International Monetary Fund in Cairo to finalise loan deal now set at $4.5 billion, government prepares attached economic program, says Momtaz El-Said Wednesday Egypt\'s negotiations with the International Monetary Fund (IMF) are set to conclude by 15 November and the loan signed by the beginning of January 2013, Egypt\'s Finance Minister Momtaz El-Said said on Wednesday. The loan amount, initially set at $4.8 billion was reduced slightly to $4.5 billion, El-Said said to state owned daily Al-Ahram. \"The loan is linked to Egypt\'s share in the fund\'s capital and due to variances in exchange rates the loan amount is likely to be reduced,\" El-Said explained. Egypt\'s share in the IMF is around $1.5 billion or some 0.4 per cent of total capital. Egypt is in the advanced stage of talks with the IMF to acquire a loan for fiscal support. An IMF delegation is currently in Cairo negotiating details of the economic program. A decision is expected to be taken after the delegation presents the results of the visit to he IMF\'s board in Washington. Egypt\'s deficit is officially projected to reach LE140 billion, around 7.9 per cent of GDP. Many observers, however, expect the deficit to miss the forecast and edge up to LE160 or LE170 billion. The government is reportedly preparing the economic program, a condition upon which the loan is approved. While the program\'s details have not yet been made public, many speculate that it will include measures to slash Egypt\'s hefty subsidy bill and increase revenues. El-Said added that Egypt plans to allocate 10 to 15 per cent of any extra revenues in the state budget to \"social expenditures\" including health and education. \"Funds made available through rationalising subsidies or adjusting the tax code will be directed to the \'social dimension\' and social spending,\" explained El-Said. Egypt runs a tight education and health budget as subsidies and debt service take up a large portion of the state spending. President Mohamed Morsi had promised in his electoral platform to significantly increase spending in both areas but the current year\'s budget, seeing just 8 per cent increase in total expenditures, seems far from the president\'s promise. Spending on education, for example, makes up 12 per cent of total state spending – some LE64 billion – but the quality of the services provided remains far from impressive. Health is in a similar situation: the current allocated five per cent has not appeased health workers or patients. President Morsi had promised to raise the health budget to 15 per cent during his term, a task commentators say is difficult to implement. From ahramonline

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 finance minister egypt to sign reduced imf loan by 2013 Arab Today, arab today finance minister egypt to sign reduced imf loan by 2013

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
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
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

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 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 14:29 2017 Monday ,20 February

Prepares to present 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