The International Monetary Fund said on Monday it welcomed steps that Egypt has taken to stop a drain on its international reserves which had recently caused Egyptian pound hit record lows.
“We welcome the measures taken by the Central Bank of Egypt (CBE) to ensure that the country will continue to maintain a level of international reserves that can support its internatio
Archive for the International Monetary Fund
The International Monetary Fund said Monday that it welcomed steps Egypt has taken to stop a drain on its international reserves, which have allowed the Egyptian pound to hit record lows.
"We welcome the measures taken by the Central Bank of Egypt to ensure that the country will continue to maintain a level of international reserves that can support its international trade and payments," an IMF spokesperson said. "IMF staff is in close contact with the authorities and we remain strongly committed to supporting Egypt."
Tags: the International Monetary Fund, the Egyptian pound, international trade, IMF staff, the Central Bank of Egypt, IMF spokesperson
Turkey has immunized its US$2 billion loan to Egypt against variables such as a court ruling, said a government source.
The loan agreement also requires the Egyptian government to involve Turkish companies in public sector investment.
The source, who requested anonymity, added that Egypt would not be able to obtain international or regional loans before the International Monetary Fund decides on the US$4.8 billion loan that Egypt has requested.
Turkey is the only country that agreed to lend money to Egypt in advance of the IMF’s decision, of which US$500 million have already been disbursed, with the rest to be paid end January. The loan does not entail any special benefits.
The Turkish government has stipulated that any dispute over the loan would be arbitrated in Istanbul, in accordance with the rules of international commercial arbitration.
Edited translation from Al-Masry Al-Youm
Tags: The loan, public sector investment, the International Monetary Fund, the loan agreement, government source, Turkish companies
Prime Minister Hesham Qandil confirmed that Egypt has requested from the International Monetary Fund a one-month delay in approval of the US$4.8 billion loan.
Eariler in the day, Finance Minister Momtaz al-Saeed had told the Anadolu news agency that the IMF and the Cabinet are postponing their agreement. Final approval on the loan was originally slated for 19 December.
Qandil said Egypt's economic situation "had changed," and called for a national dialogue on the economic program drawn up in late November.
Saeed said that although "the fund did not set an exact date," the session is expected to be held in January.
Saeed said that the agreement was postponed until the economic program that the loan is contingent on could be ironed out. The recent tax amendments, which were implemented and quickly suspended by President Mohamed Morsy pending a public dialogue, were seen as forming part of this program.
Morsy’s tax decree proposed a tax increase on 50 different commodities, including steel, cigarettes, advertisements and soft drinks. The proposal, widely panned by the media, increased taxes anywhere between 2.5 and 200 percent.
Suffering a preliminary budget deficit of $27.5 billion for the year 2012-2013, Egypt has sought a total of $14.5 billion from financial institutions including the IMF, to support the budget and finance a 22-month reform program.
Saeed stressed that those on low-incomes were not targeted by the recent tax decisions and that the government seeks to avoid an economic crisis.
Tags: Anadolu news agency, the International Monetary Fund, Finance Minister Momtaz al-Saeed, Hesham Qandil
(Reuters) The International Monetary Fund’s board will require there is no major change in economic outlook or policy when it considers approving a $4.8 billion loan to Egypt, an IMF spokeswoman said.
The loan deal was agreed in principle this month with an IMF team in Cairo and the board is expected to meet to finalize the facility on Dec. 19.
Spokeswoman Wafa Amr’s remarks were made in an emai
The Cabinet will remove subsidies on octane 95 gasoline, International Cooperation and Planning Minister Ashraf al-Araby said Wednesday.
Octane 95 gasoline will be distributed using coupons starting in April, Araby told reporters at the cabinet headquarters. He also said 1600cc vehicles would have special shares.
Reducing the subsidies that represent a quarter of government spending is an essential prerequisite for the International Monetary Fund’s US$4.8 billion dollar loan, which the government hopes can bridge the state budget deficit.
The government spent LE115 billion on subsidies for petroleum products last year.
Prime Minister Hesham Qandil had told Reuters on Sunday that the government would remove subsidies for the high-grade fuel within a week.
Tags: Prime Minister Hesham Qandil, octane 95, the cabinet, The government, government spending
(Reuters and Others) – Egypt has reached a staff-level agreement with the International Monetary Fund’s technical team, currently on a visit to Cairo, for a $4.8 billion loan, the fund announced Tuesday.
The agreement is expected to open the door to some $14.5 billion in financing to allow Egypt to implement an economic programme that it has proposed to the IMF.
The IMF said in a statement
(MENA) – Egypt has reached an initial agreement with the International Monetary Fund’s technical team, currently visiting Cairo, for a $4.8 billion loan, Egyptian Planning and International Cooperation Minister Ashraf El-Araby announced Tuesday.
The loan proposal will be presented to the IMF’s board of directors for final approval on December, El-Araby said.
Details of the agreement will b
Egypt has reached a preliminary agreement with a team from the International Monetary Fund for a US$4.8 billion loan, a minister said on Tuesday.
"We have a preliminary agreement with the technical team of the IMF," Planning and International Cooperation Ashraf al-Araby told a news conference with the head of the IMF delegation.
The minister added that the preliminary agreement would go to the IMF board to be finalized in December. An IMF official said the loan would be disbursed over 22 months.
Tags: IMF board, International Cooperation Ashraf al-Araby, IMF delegation, technical team, the International Monetary Fund, preliminary agreement, on Tuesday
Lebanon’s economy is expected to grow by 2 per cent this year, central bank chief Riad Salameh said on Friday.
That would mark a sharp slowdown from last year. The government says the economy grew 5.2 per cent in 2011 but economists are sceptical.
The International Monetary Fund said in September that weak government policies have led to a slowdown in investment in Lebanon. The conflict in ne
NET2 News
Copyright © 2013 All Rights Reserved
Copyright © 2013 All Rights Reserved