Last Update 13:58
Friday, 24 May 2019

Egypt's economic situation remains challenging: IMF spokesman

Global body sounds the alarm on stalled economic growth and a plunge in foreign reserves

AFP, Thursday 23 Feb 2012
Gerry Rice, Acting Director, External Relations, IMF (Photo:
Views: 1822
Views: 1822

"Egypt's economic situation remains challenging. Growth has stalled, and this is hurting the Egyptian economy and the Egyptian people," said IMF spokesman Gerry Rice on Thursday.

Rice also highlighted that foreign exchange reserves had dropped substantially, "reducing the authorities' margin to maintain macroeconomic stability."
The IMF is currently in talks with the Egyptian government on a potential loan.
Egypt's state newspaper Al-Ahram reported Sunday that Finance Minister Mumtaz El-Said said his government would sign a memorandum of understanding with the IMF in March for a previously spurned $3.2 billion loan.
Egypt had turned down the loan last year, saying it did not want to add to its foreign debt, but reconsidered as its economy plummeted.
In January, the head of an IMF mission to Egypt ruled out imposing conditions on Cairo for the loan.
"The discussions with the Egyptian authorities are ongoing, and we stand ready to support a homegrown program that contains the measures necessary to restore confidence and protect vulnerable households," Rice said.
Edited by Ahram Online
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.