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Egypt unsatisfied with IMF conduct: CBE Governor

Egyptian officials continue to participate in IMF meetings with lower levels of diplomatic representation, according to Central Bank of Egypt Governor

Ahram Online, Sunday 27 Oct 2013
CBE Governor
New Egypt Central Bank's governor, Hisham Ramez (Photo: Al-Ahram)
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Egypt has reduced its diplomatic representation in negotiations with the International Monetary Fund, due to perceived ill-treatment from the lender, Central Bank of Egypt Governor Hisham Ramez said in an interview with Sky News Arabia.

Egyptian diplomats have attributed such mistreatment to procedural errors, explained Ramez in the interview, which was uploaded on Sky News Arabia on Sunday.

Currently, the Egyptian Ambassador in the United States attends IMF meetings in the place of Egypt's Finance Minister and Central Bank Governor.

This is not the first time the Egyptian government has expressed reservations regarding IMF conduct. Ramez said last week on an Egyptian talk show that the conduct of the IMF was "unacceptable," given that Egypt is a "founding member" of the institution.

Finance Minister Ahmed Galal previously asserted Egypt does not need a loan from the IMF, Al-Ahram's Arabic website reported two weeks ago.

There have been two years of negotiations over a $4.8 billion loan without agreement between the two sides, mostly as a result of the reluctance of successive Egyptian governments to impose reforms that would squeeze living standards, such as the lifting of fuel subsidies and raising of taxes.

Galal explained Egypt does not need the IMF loan, because prior need for cash and credibility among international investors no longer exist.

Since Mohamed Morsi was ousted in July, Egypt has turned increasingly to friendly Arab states for economic assistance, receiving pledges of $12 billion in loans, grants and fuel shipments from Saudi Arabia, the United Arab Emirates and Kuwait, of which $7 billion has been delivered.

In addition, the United Arab Emirates boosted its loans to Egypt to $4.9 billion when the Gulf country signed a deal for $1.9 billion in new loans, reported Associated Press on Saturday.

As for investor trust, Galal maintained it would be regained via the transitional roadmap and a stimulus plan to create jobs and revitalise the economy.

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