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Thursday, 29 July 2021

Egypt PM expects IMF visit this month

An IMF mission is expected to visit Egypt this month to discuss revised reform plan with the government

Reuters , Thursday 14 Feb 2013
IMF Managing Director Christine Lagarde (L) talks with Egypt's Prime Minister Hisham Kandil during their a news conference at the cabinet headquarters in Cairo, August 22, 2012 (Photo: Reuters)

Egyptian Prime Minister Hisham Kandil said on Thursday he expected an International Monetary Fund team to visit this month for talks on a loan agreement seen as vital to supporting the country's economy.

Asked when the IMF mission would return to resume stalled talks on the $4.8 billion (3 billion pounds) loan, Kandil said: "Within this month, God willing."
Egypt concluded an initial agreement for the loan in November but in December postponed ratification because of political unrest.
The Egyptian government has repeatedly said the IMF delegation would return soon to finalise a deal.
Kandil said in an interview broadcast late on Wednesday that the government had finished revising a programme of economic reforms seen as vital to securing the loan.
Many economists believe the government could postpone ratification of an IMF deal until parliamentary elections expected to get under way in April or May to delay austerity measures that could hit the popularity of the ruling Islamists.
The IMF accord is seen as vital to propping up the state's battered finances. Ratification would also unlock billions of dollars of further aid from foreign states, economists say.
Ratings agency Moody's cited uncertainty about the government's ability to secure the loan as one reason for cutting Egypt's credit rating on Tuesday.
"What we need desperately, even more than financing is for the streets to calm down and for some patience and hard work from the citizens," Kandil said.
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