9 October 2012

Egypt: Local Delegation to Attend IMF, World Bank Meetings

An Egyptian high level delegation leaves Cairo for Tokyo to take part in the official one week meetings of the IMF and World Bank (WB) to be held in the Japanese capital.

The meetings will deal with means to give a push to the world economy and help it come out of its present crisis.

The Egyptian delegation comprising Dr. Ashraf Al-Arab, Planning and International Cooperation Minister, Momtaz Al-Saeed Finance Minister and Dr. Farouq Al-Oqda Governor of the Central Bank of Egypt will meet with Arab and foreign delegation participating in the development process in Egypt.

The delegation will as well meet with the Japanese side and officials at (JAICA).

The delegation is expected to meet as well with senior officials at the IMF to consider is sues concerning the loan of $4.8 billion Egypt seeks from the IMF.

A date is to be fixed for a visit of the IMF technical mission to Egypt during the last week of October. This mission is to offer the technical support needed to carry out the proposed programs for improving economic situation in Egypt.

Planning and international cooperation minister Dr. Ashraf Al-Arabi said Tokyo meetings will aloes the Egyptian delegation to have unofficial talks with IMF on the loan in Question and the stance of the IMF in dealing with the Egyptian government concerning the loan.

The Egyptian delegation will give detailed explanation on the Egyptian economy situation at present, investment opportunities in Egypt and reforms made recently.

Negotiations with the IMF will not include preconditions stressing the need that society consent on the IMF loan is secured in Egypt.

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