Last Update 12:39
Tuesday, 17 September 2019

Egypt's Central Bank governor denies IMF talks: source

Official source says that CBE's governor was not in Washington for IMF loan talks

Ahram Online, Thursday 17 May 2012
Central Bank
Central Bank of Egypt in downtown Cairo (Photo: Reuters)
Share/Bookmark
Views: 1164
Share/Bookmark
Views: 1164

Egypt's Central Bank (CBE) governor, Farouk El-Oqda, was not involved in negotiations with the International Monetary Fund (IMF) on a loan for Egypt while on a visit to Washington last week, state-run Al-Ahram reported, citing an official source in the CBE.

It was reported by Al-Ahram Sunday that El-Oqda had resumed talks with IMF officials over a $3.2 billion loan for Egypt. The Egyptian government expects to finalise the $3.2 billion loan agreement by 15 May — a move it says is necessary to help tackle a looming $10-$11 billion financing gap over the next 18 months.

The Popular Campaign to Drop Egypt's Debts (PCDED), a grassroots Egyptian campaign demanding the cancelation of the country's debt obligations, meanwhile, issued a statement in March condemning the interim government's proposals for economic reform.

PCDED claimed that the plans — ostensibly aimed at trimming the country's public debt — ignore long held popular demands for social justice and would ultimately serve to increase poverty in rural areas.

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 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.
Latest

© 2010 Ahram Online.