Last Update 22:51
Monday, 14 October 2019

IMF delegation to arrive to Egypt Sunday: Fayza Abul-Naga

A delegation of the IMF will arrive to Egypt for a five-day trip to finalise details of a loan package

Ahram Online, Saturday 17 Mar 2012
Fayza Aboul Naga
Egypt's minister of International cooperation and Planning, Fayza Abul Naga
Views: 1020
Views: 1020

An International Monetary Fund (IMF) delegation will arrive to Egypt Sunday to discuss the "broad lines" of a $3.2 billion financial package for Egypt, Fayza Abul-Naga, minister of international cooperation, was reported as saying by Al-Ahram's Arabic portal Saturday.  

Abul-Naga added that the delegation will meet with ministers from the Cabinet's economic group, along with parliamentary and party leaders during its five-day visit.

The IMF said last week it would visit Egypt later in March to discuss a lending programme after Egyptian authorities recently submitted economic plans to the global lender. Egypt has requested a $3.2 billion loan to help plug a widening budget and balance of payments deficit.

Egypt rejected IMF assistance in June 2011 citing concerns about national sovereignty, but negotiations with the fund resumed by the end of last year as economic indicators worsened.

Egyptian Finance Minister Mumtaz El-Saeed was quoted on 19 February as saying that the IMF loan would support the 2012/13 budget and compensate for the depletion of Egypt's foreign reserves.

Foreign reserves dropped to $15.7 billion by the end of February 2012, less than half their value year-on-year from December 2010.

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.