Arab Today, arab today planning minister egypt to formally invite imf
Last Updated : GMT 07:08:28
Arab Today, arab today
Arab Today, arab today

Planning Minister: Egypt to formally invite IMF

Arab Today, arab today

Arab Today, arab today Planning Minister: Egypt to formally invite IMF

Cairo - Arabstoday

The government of Egypt is formally inviting the International Monetary Fund (IMF) to resume talks over a pending $4.8 billion loan agreement, announced Minister of Planning and International Cooperation Ashraf El-Arabi Thursday. Al-Arabi said he expected the IMF\'s technical team to return to Cairo within 10 days to discuss the rescue package. El-Arabi also told state-owned Al-Ahram Arabic website that despite the obstacle posed by Egypt\'s widening budget deficit in reaching an agreement with the fund, he was confident Egypt would obtain the loan, given the international community\'s commitment to support Egypt\'s economy. Egypt\'s budget deficit currently stands at $17.7 billion, equivalent to 6.7 percent of Egypt\'s gross domestic product (GDP), according to a statement made by Egypt\'s finance ministry Wednesday. Egypt had reached a preliminary agreement with the IMF in November 2012, but political unrest postponed final ratification by the IMF board. Doubts had also been raised on the Egyptian government\'s ability to implement economic reforms, upon which the loan is conditioned, after President Mohamed Morsi promptly suspended a raft of radical tax hikes on 9 December, within hours of enacting them, fearing a popular backlash. On Monday, the government announced a modified economic reform programme, featuring tax hikes and government subsidy cuts aimed at meeting the preconditions for IMF the loan. The recently proposed measures, yet to be approved by Egypt\'s Shura Council, could save Egypt LE10-12 billion a year, according to the finance ministry. The loan is widely seen as a vital lifeline for the country\'s foundering economy, on which two years of political turmoil following the January 2011 revolution have taken a significant toll. \"The IMF loan represents a certification that Egypt\'s economy is capable of surmounting the current period,\" President Morsi affirmed in a televised interview Sunday. \"We need this certification in order to unlock more [foreign] investment.\" In January, the European Council announced that the EU would grant a $6.5 billion loan to Egypt once the IMF loan is sealed. Albawaba Business

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 planning minister egypt to formally invite imf Arab Today, arab today planning minister egypt to formally invite imf

 



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 planning minister egypt to formally invite imf Arab Today, arab today planning minister egypt to formally invite imf

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
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 World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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