No IMF loan to Egypt despite ongoing talks: Fund official

TCP : Despite the ongoing talks between Egyptian officials and representatives from the International Monitory Fund (IMF), the possibility of getting a loan from the IMF is ruled out, Egyptian state-owned news agency MENA reported Wednesday.

Christine Lagarde_IMF_PDIMF Mission Chief for Egypt Chris Jarvis stated that IMF Deputy Managing Director Min Zu and members of the mission have met with Egyptian Minister of Finance Hani Qadry and Minister of International Cooperation Sahar Nassr in Washington D.C this week.

The meetings tackled the Egyptian ongoing economic reforms, he added, adding that there are currently no talks on an IMF loan to Egypt.

The IMF has received requests from the World Bank (WB) and the African Development Bank (ADB) to evaluate Egypt’s economic policies, Jarvis continued, noting that the fund’s experts are on the evaluation reports.

Regarding the impact of the crashed Russian plane in Sinai on Egypt’s economy, Jarvis said it is too early to evaluate its impact, adding that the fund would work with the Egyptian government and Central Bank of Egypt (CBE) to evaluate the impacts.

On Oct. 31, a Russian plane with 224 people on board crashed in Central Sinai; investigations are ongoing to determine the cause.

Egypt’s Minister of Investment said Oct. 14 that Egypt has no need to apply for a loan from the IMF “in this period.”

Many economists forecast that Egypt would apply for a loan from the international lender shortly after the upcoming parliamentary elections which kicked off Oct. 16.

Speculations over the IMF loan have been aroused by a set of prior actions taken by the government such as cutting energy subsidies to slash budget deficit shortly after President Abdel Fatah al-Sisi was inaugurated in June, 2014, as well as government’s preparations to introduce a value added tax.

The Cairo Post    –    Additional reporting by Yasmine Samra.

Source Article from http://nsnbc.me/2015/11/12/no-imf-loan-to-egypt-despite-ongoing-talks-fund-official/

You can leave a response, or trackback from your own site.

Leave a Reply

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes