31 January 2013

Egypt: Finance Minister: Egypt's Negotiations With IMF Underway

Finance Minister el-Morsi Hegazi said on Wednesday 30/1/2013 Egypt is committed to implementing integrated economic and social measures to support economic, financial and social stability in the country.

Hegazi made it clear that the Egyptian government is still negotiating with the International Monetary Fund (IMF) a $4.8 billion loan, adding that the ministry was reshaping its economic reform program in accordance with the new amendments introduced by the Cabinet in November 2012.

The minister pointed out that Egypt offers investment opportunities in mega projects, such as the Suez Canal and the South Valley axes development.

These remarks were made during a meeting held between Hegazi and the European Union delegation, chaired by EU ambassador in Cairo James Moran.

Moran said the EU fully supports Egypt in this current stage.

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