12 November 2012

Egypt: Finance Minister - Talks With IMF Ends Tuesday, No Pressures On Egypt

Finance Minister Momtaz Al-Saeed said that government's talks with the technical team of the IMF expected to end on Tuesday, expressing optimism over the results of talks.

The visit by Dr. Abdul-Shakour Shaalan, the director of the Fund of the Middle East, comes within the normal activities of the IMF team to get acquainted with the government's views.

He denied any pressure by the IMF on the government for carrying out certain terms.

He affirmed that the economic reform program being discussed now is an Egyptian one and is going in line with the needs of the Egyptian society and its financial circumstances.

Moreover, the International Monetary Fund expects economic growth rate to achieve the Arab Spring countries topped by Egypt a little more above 2 per cent due to certain foreign difficult circumstances and home disturbances.

The IMF explained in a statement yesterday 11/11/2012 that the Arab spring countries spent more in the form of subsidies to face social requirements, high prices of food and fuel and hence the state budget returns went down.

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