31 January 2013

Egypt: IMF Signals Continued Readiness to Aid Egypt

The International Monetary Fund on Thursday reaffirmed its continued willingness to support Egypt, adding that it is aware that Egyptians officials are still reviewing their economic programme.

According to a statement the Middle East News Agency reported on Thursday, IMF spokesman Gerry Rice has said that he will discuss with Egyptian officials the timing of the IMF delegation's visit to Egypt when he receives the updated economic programme.

The fund is closely following the developments in Egypt and regrets the violence and loss of lives that occurred recently, Rice said.

Egypt is negotiating with the IMF to borrow $4.8 billion to support its economy.

Negotiations were hindered due to Egypt's political instability after President Mohamed Mursi issued last November a constitutional decree that gave him sweeping powers.

Christine Lagarde, Managing Director of the IMF, has last year during her meeting with representatives of the Gulf Cooperation Council countries that the fund has no prerequisites for resuming discussions with Egypt on the loan.

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