IMF to arrive in Cairo this week for talks

Niveen Wahish, Wednesday 18 May 2011

Team to discuss credit options will be headed by IMF veteran Ratna Sahay and include eight other experts in fiscal and financial affairs

Ahram Online has learnt that the International Monetary Fund (IMF) team set to arrive in Cairo this week to discuss ways to support the Egyptian government will be led by Ratna Sahay, Deputy Director of the IMF’s Middle East and Central Asia department and Andreas Bauer, IMF mission chief for Egypt.

Sahay, an Indian national, has worked at the Fund for 22 years and has specialised in the Middle East for more than two years. Bauer, a national of Chile and Switzerland, has been working at the Fund for well over 10 years and was recently appointed mission chief for Egypt. Prior to that Bauer worked as the IMF's mission chief for Lebanon. The mission will be composed of seven more IMF staff, including experts in fiscal and financial affairs.

Egypt is battling financial troubles as a result of the economic slowdown caused by the revolution.

The Egyptian government had said that it needs some US$12 billion to make ends meet until the end of the next fiscal year (2011/2012) and that it is seeking credit from international financial institutions to cover its needs. Egyptian Minister of Finance announced earlier this week that Egypt was about to close a deal for $2.2 billion with the World Bank.

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