Last Update 22:30
IMF reviews Egypt's budget procedures before signing loan: Official
The International Monetary Fund is assessing Egypt's new budget-reduction procedures - the final stage before signing over a $4.8bln loan
MENA and Ahram Online, Saturday 19 Jan 2013
Share/Bookmark
Views: 672
IMF
IMF regional director Masood Ahmed (Photo: Reuters)

The IMF is currently reviewing Egypt's new procedures for reducing its budget deficit as a prerequisite to resuming talks that would finalise the $4.8 billion loan deal, says Masood Ahmed, IMF's director of the Middle East and Central Asia department.

"Egypt's government is determined to move forward and is fully cooperating to seal the loan deal, there are just a few minor complications that it needs to overcome before it can receive the loan," explains Ahmed.

Ahmed stressed that the IMF needs to be fully convinced that Egypt will be able to fully implement the loan programme before it can give a final agreement on the loan, Egyptian state-run news agency MENA reports.

Economy experts and opposition figures had warned the Egyptian government that the loan programme could have a high social cost, especially on low-income strata, and that the government should be prepared for the consequences.

The IMF had announced that it endorsed the series of procedures undertaken in December by Egypt's central bank to boost the country's decreasing foreign reserves.





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