Last Update 3:23
Sunday, 27 May 2018

Ministerial change won't affect IMF negotiations: Cabinet spokesman

Change of ministers in charge of Egypt's negotiations with the IMF over $4.8 billion loan will not have any effect on course of talks or economic reform programme, says Alaa El-Hadidy

Ahram Online, Tuesday 7 May 2013
El Hadidy
Official cabinet spokesman Alaa El-Hadidy (Photo:Al-Ahram)
Views: 996
Views: 996

The ministerial change will not affect the course of Egypt's negotiations with the International Monetary Fund over the $4.8 billion loan sought by the country, said official cabinet spokesman Alaa El-Hadidy.

Tuesday's partial cabinet reshuffle included replacing three economic ministers involved in Egypt's negotiations with the IMF, including Finance Minister El-Morsi El-Sayed Hegazi, Planning Minister Ashraf El-Arabi and Investment Minister Osama Saleh.

"A change in some of the individuals in the government does not at all mean a change in the government's policies, its financial and economic reform plan" which will remain on the track set by the government in February, El-Hadidy told the media on Tuesday. 

Egypt and the international lender are currently working to revise an economic reform plan which the Egyptian government presented to the IMF in March. The plan, which involves cutting government spending, mainly subsidies, and increasing tax revenues was not deemed stringent enough by a visiting IMF delegation last month.

"There is clearly more work to be done; numbers need to be aligned and worked on," IMF chief Christine Lagarde told Ahram Online in Washington about the Egyptian reform programme shortly afterwards.

Short link:


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 1000 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.