Egypt: Letter of Intents for IMF U.S.$ 4.8 Billion Loan to Be Signed Soon

Finance Minister Momtaz Al-Saeed said the IMF team will extend stay in Egypt till next Monday, in order to sign the deal which is a tentative agreement by the two sides to be forwarded to the coming meeting of the executive directors' council of the IMF to be meeting soon in Washington DC.

The Minister added negotiations with the IMF team are proceeding well amidst optimism by the two sides as an agreement reached last Wednesday on all points related to economic and social reform program completed by government.

Final touches are being put on the agreement with the IMF, Al-Saeed added. He denied a statement by a British official on difficult terms necessitated by the IMF to give Egypt the loan of $ 4.8 billion, affirming that no terms were put forward by the IMF in this concern, as Egypt is a founding member of the IMF and World Bank, and has got the right to receive such aid from the fund and that Egypt is a pivotal state in the Middle East and North Africa and any effect on its economy will affect the economy and stability in the whole region.

The borrowing operations from IMF are governed by declared and known rules which centered in the presence of a national reform program to be agreed upon by the national forces and the IMF necessitated no exceptional terms.

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