Arab Today, arab today imf plans to hold talks with egypt in january
Last Updated : GMT 11:59:33
Arab Today, arab today
Arab Today, arab today

IMF plans to hold talks with Egypt in January

Arab Today, arab today

Arab Today, arab today IMF plans to hold talks with Egypt in January

Cairo - Arabstoday

IMF says any assistance it might grant to Egypt must have a broad political support (Photo: AP) The International Monetary Fund (IMF) said on Tuesday it plans to meet with Egyptian authorities to discuss the country\'s economic problems, but added that any funding would have to be based on benchmarks that had broad political support. \"The IMF team is looking forward to discussions in January with the authorities on their economic programme to address Egypt\'s difficult economic and financial situation,\" an IMF spokesperson said in an emailed statement. The statement said any funding programme would need to \"come from a programme that is designed and owned by the Egyptian authorities and enjoys the broad political support necessary for its successful implementation.\" The IMF says it has remained \"in close contact\" with Egyptian authorities since early November on possible funding, but security concerns caused it to postpone a planned visit to Cairo in mid-December, it said. A report published by Al-Masry Al-Youm Tuesday said that the IMF actually cancelled their visit to Egypt due to the country’s credit rating and negative economic projections. The IMF statement emphatically denied such claims. On Thursday, Prime Minister Kamal El-Ganzouri told the nation on television that Egypt had gone to the IMF but the international body had not responded. \"We were told it was necessary for Egypt to deal with the IMF to get loans. Our colleagues made the request, but nothing has come yet. We requested again but they (the IMF) asked for a short delay.\" In June, Egypt declined a $3.2 billion facility from the IMF because the ruling military council was said to have objected to the idea of foreign involvement in Egypt. \"The easiest thing would have been for the military council to accept the loans from abroad, give it to Egyptians to live a better life and then hand over power and the Egyptian people would have been responsible to repay these debts,\" General Mokhtar al-Mullah told reporters earlier this month. \"So we have said that these loans are only for extreme need.\" A top level ministerial committee indicated on Sunday that foreign borrowing has become a necessity for the Egyptian economy to cover the deficits in budget and the balance of payment along with the drop in international reserves. The borrowed amount will range from $10 billion to $12 billion. The budget deficit for the financial year 2011/2 was forecast to stay at 8.6 per cent of GDP but the recent cabinet announcement pushed it upwards to 11.7 per cent of the GDP. The Central Bank Governor Farouk El-Okdah said the budget deficit in the year that began on July 1 could rise as high as LE182 billion instead of the LE134 billion forecast last June. Egypt\'s foreign currency reserves plunged to about $20 billion in November from $36 billion at the end of 2010, and economists say this could force the country to devalue its currency as soon as the first quarter of 2012. Other available options to solve Egypt’s liquidity shortage have been depleted over the past ten months, with yields on T-bills surging to their highest levels in years and local banks’ credit ratings hurt by local borrowing.  

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 imf plans to hold talks with egypt in january Arab Today, arab today imf plans to hold talks with egypt in january

 



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 imf plans to hold talks with egypt in january Arab Today, arab today imf plans to hold talks with egypt in january

 



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 EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
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 Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
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 says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

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