Egypt IMF loan looks more possible.
Egypt expects to win IMF approval for a much-needed loan by mid-May, meaning it could receive some of the money before a new president is sworn in at the end of June, the Egyptian minister of finance said on Thursday, Reuters reports.
Source : https://www.marocafrik.com/english/Egypt-IMF-loan-...
The IMF delegation to Cairo issued a statement saying that :“In the discussions with a wide spectrum of political parties in the People’s Assembly, there was a shared understanding on the need to address short-term challenges facing the economy and to promote reforms that can help achieve higher and more inclusive growth going forward. The mission reaffirms that broad-based support for a national economic program is essential to bolster confidence and ensure its successful implementation in the period following the current political transition.
“The IMF mission will remain in close contact with the authorities in the coming weeks as they finalize remaining details of their economic program, including the 2012/13 budget, and mobilize the required political support for this program. A financial arrangement to support Egypt’s economic program will be presented to the IMF Executive Board once this work is completed, and external financing from bilateral donors and other international institutions is confirmed.”
There has been considerable popular opposition to the loan not least from the Muslim Brotherhood. The deputy leader Khairat El-Shater who had said that the loan should await the appointment of a new government.
However the Islamist parties have now come round to approving the loan according to Reuters. The situation is urgent as Egypt's net foreign reserves have fallen to US$15.12 billion at the end of March from $15.72 billion a month earlier according to the Central Bank Egypt's net foreign reserves fell to US$15.12 billion at the end of March from $15.72 billion a month earlier, it said on its website.
Continuing questions over possible disqualification of some presidential candidates have caused an atmosphere of uncertainty. One of the candidates, Hazem Abu Ismai, a salafist candidate has been cleared to run as a presidential candidate as a court accepted that his mother did not have an American pasport according to the Media Line. Elections are scheduled to be held on May 23 and 24.
“The IMF mission will remain in close contact with the authorities in the coming weeks as they finalize remaining details of their economic program, including the 2012/13 budget, and mobilize the required political support for this program. A financial arrangement to support Egypt’s economic program will be presented to the IMF Executive Board once this work is completed, and external financing from bilateral donors and other international institutions is confirmed.”
There has been considerable popular opposition to the loan not least from the Muslim Brotherhood. The deputy leader Khairat El-Shater who had said that the loan should await the appointment of a new government.
However the Islamist parties have now come round to approving the loan according to Reuters. The situation is urgent as Egypt's net foreign reserves have fallen to US$15.12 billion at the end of March from $15.72 billion a month earlier according to the Central Bank Egypt's net foreign reserves fell to US$15.12 billion at the end of March from $15.72 billion a month earlier, it said on its website.
Continuing questions over possible disqualification of some presidential candidates have caused an atmosphere of uncertainty. One of the candidates, Hazem Abu Ismai, a salafist candidate has been cleared to run as a presidential candidate as a court accepted that his mother did not have an American pasport according to the Media Line. Elections are scheduled to be held on May 23 and 24.
Source : https://www.marocafrik.com/english/Egypt-IMF-loan-...