Fund agrees on $3.2bn loan to Cairo

IMF mission to visit Egypt on Monday

GMT 13:37 2012 Friday ,16 March

Arab Today, arab today IMF mission to visit Egypt on Monday

Egypt Central Bank
Cairo – Akram Ali

Egypt Central Bank Cairo – Akram Ali An International Monetary Fund (IMF) mission will begin a four-day visit to Egypt on Monday to meet with government leaders. The fund recently agreed on a US $3.2 billion loan with Egypt's transitional government.
Egyptian sources said that the fund has received documents from the Egyptian government describing a reform programme that will confront the country's economic challenges.
The IMF is ready to support reform programmes passed by the People's Assembly and enjoying broad support across Egypt's political spectrum, the sources said.
The mission, headed by Masood Ahmed, the fund's regional director, is scheduled to meet with Prime Minister Kamal Ganzouri, People's Assembly Speaker Saad Katatni, Freedom and Justice Party Chairman Mohamed Morsy, Muslim Brotherhood Deputy Supreme Guide Khairat al-Shater and a number of other political figures.
The sources added that the IMF conditioned its loan on Egyptian authorities passing an economic reform programme that enjoys broad political support.
These are the fund's preliminary conditions, and it will continue to follow up on the Egyptian government's implementation of the reform programme, the source said.
The sources added that IMF workers have been in contact with Egyptian officials since they returned from their first visit to Egypt last January. On that trip, they discussed what should be included in any potential reform programme, which would protect macroeconomic stability during Egypt's transitional period and create favourable conditions for growth.

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