Last Update 8:31
IMF team to visit Egypt Monday to discuss loan deal: PM Qandil
Government to use opportunity to clarify reasons for Egypt's request to postpone proposed loan and reassure IMF on sustainability of economy, says prime minister
MENA and Ahram Online, Sunday 6 Jan 2013
Share/Bookmark
Views: 266
IMF
(Photo: Reuters)

Prime Minister Hisham Qandil has announced that a top-level IMF delegation would visit Egypt on Monday to discuss a long-awaited $4.8 billion loan, adding that the government would take the opportunity to clarify the reasons for Egypt's request to postpone the loan and reassure the delegation that the government would abide by its economic reform plan.

In the upcoming period, the government will focus on attracting investors, said Qandil. Within this context, an Egyptian delegation would visit London this month to promote private-sector projects in Egypt, he added, stressing that the UK – one of the world's top financial centres – had become a "global investment hub."

Qandil had previously stated that the IMF loan constituted a "world recognition certificate" for the Egyptian economy and a prerequisite to boosting investor confidence. 

A preliminary IMF loan agreement was signed last November, but final ratification of the deal was postponed in December upon the request of President Mohamed Morsi, largely in reaction to domestic political turbulence at the time and economic uncertainty.

Egypt's economy has recently suffered considerable blows, with international credit agency Standard and Poor's downgrading its credit rating to B-minus.

Last month, the Central Bank of Egypt announced that Egypt's foreign-currency reserves had reached "alarming" levels, stressing that fiscal reforms must be undertaken "swiftly."



Search Keywords:


Short link:

 

Email
 
Name
 
Comment's Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 4000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online. Advertising