Loan Request: Egypt’s president to meet IMF aide
The IMF loan is seen as crucial to easing Egypt’s budget deficit.
CAIRO:
A senior official in the International Monetary Fund (IMF) will meet Egyptian president and other top officials on Monday to discuss Cairo’s request for a $4.8 billion loan, a major state-run Egyptian newspaper reported on Saturday. The IMF loan is seen as crucial to easing Egypt’s budget deficit and an economic slump caused by the turmoil that followed the popular uprising that ousted president Hosni Mubarak in February 2011. “President Mohamed Mursi will receive on the day after tomorrow Masood Ahmed, the IMF Director for the Middle East and Central Asia... and it is expected that the meeting will include talks about the IMF’s loan to Egypt,” the Akhbar Al-Youm reported. Egypt’s currency has lost about 10% against the dollar since the start of 2011, but about a third of that plunge has come in the last week alone.
Published in The Express Tribune, January 6th, 2013.
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