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Ministerial change won't affect IMF negotiations: Cabinet spokesman

Change of ministers in charge of Egypt's negotiations with the IMF over $4.8 billion loan will not have any effect on course of talks or economic reform programme, says Alaa El-Hadidy

Ahram Online, Tuesday 7 May 2013
El Hadidy
Official cabinet spokesman Alaa El-Hadidy (Photo:Al-Ahram)

The ministerial change will not affect the course of Egypt's negotiations with the International Monetary Fund over the $4.8 billion loan sought by the country, said official cabinet spokesman Alaa El-Hadidy.

Tuesday's partial cabinet reshuffle included replacing three economic ministers involved in Egypt's negotiations with the IMF, including Finance Minister El-Morsi El-Sayed Hegazi, Planning Minister Ashraf El-Arabi and Investment Minister Osama Saleh.

"A change in some of the individuals in the government does not at all mean a change in the government's policies, its financial and economic reform plan" which will remain on the track set by the government in February, El-Hadidy told the media on Tuesday. 

Egypt and the international lender are currently working to revise an economic reform plan which the Egyptian government presented to the IMF in March. The plan, which involves cutting government spending, mainly subsidies, and increasing tax revenues was not deemed stringent enough by a visiting IMF delegation last month.

"There is clearly more work to be done; numbers need to be aligned and worked on," IMF chief Christine Lagarde told Ahram Online in Washington about the Egyptian reform programme shortly afterwards.

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