9 November 2012

Egypt: A Tentative Agreement With IMF Is Expected

Spokesman of the Cabinet Ambassador Dr. Ala Al Hadidi said that views by IMF and the Egyptian side are nearing concerning several principles, the matter which gives rise to chances for reaching a tentative agreement shortly, as the two sides believe that economic reform programs should not affect the poor.

The economic stability and growth are the basis for achieving social justice and improving standard of living, he added

The statement was made after the meeting yesterday by Prime Minister Hesham Qandeel with IMF delegation, with Finance and Planning Ministers attending.

Hadidi added an agreement reached with IMF delegation on the main factors for achieving financial and economic stability as well as increasing available resources to spend on social programs.

The importance of the restoration of confidence in the Egyptian economy was stressed along with the need to boost local and foreign investments and encouraging the flow in of capital to support the situation of the foreign currency reserve, he added.

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