2 September 2012

Egypt: IMF Loan Shows Nation's Economy Can Recover - Presidency

Photo: IMF Staff Photograph/Stephen Jaffe
International Monetary Fund's Managing Director Christine Lagarde (file photo).

The International Monetary Fund (IMF)'s loan to Egypt illustrates the faith of an international organization in Egypt's ability to recover, said presidency spokesman Yasser Ali on Sunday.

Egypt requested a $4.8 billion loan from the IMF on Wednesday, sparking wide debate and criticism.

In a Facebook post, Ali described the loan as a testimony to investors and funding bodies that Egypt's economy is ready to work with international organizations and attract investments.

Ali added that it was indispensable to request the loan "without unjust conditions", a long grace period and low debt service of 1.1 percent, stressing however on the general agreement to refrain from requesting loans unnecessarily.

He clarified that President Mohamed Mursi's presidential vision was the only one that included a whole chapter on funding, displaying different types of funding, including expanding the transformation of loans into aides.

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