Egypt's new Finance Minister committed to market economy

Reuters, Tuesday 19 Jul 2011

El-Beblawi says the country's difficulties are temporary but refuses to rule out future borrowing from the IMF

Egypt's finance minister-designate told Reuters on Tuesday the country was committed to a market economy and to creating an environment where investors could predict the future.

Hazem El-Beblawi, who has yet to take the oath of office, said he did not rule out the possibility of borrowing from the International Monetary Fund, after his predecessor negotiated a US$3 billion loan package that Cairo later turned down.

He also said in the telephone interview that his message to investors was that Egypt's difficulties were temporary, adding: "For someone who has a long-term view, this is the time to come and to act on the future because of course anyone who comes now will find much better terms than he can later.

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