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FINANCIAL NEWS
Egypt concludes amending economic plan for USD4.8b IMF loan
15 Feb 2013
(MENAFN) Egyptian Prime Minister, Hesham Qandil, said that his country has completed amending the economic reform plan required to obtain the International Monetary Fund’s (IMF) USD4.8 billion rescue loan, reported Xinhua News.
Qandil said during an interview with Egyptian CBC channel that the program was the output of alterations to the first program, which was 100-percent based on the recommendations of the national dialogue attended by 7 neutral groups, noting that the economic reforms were highly important.
In November 2012, the government inked a preliminary deal for the loan; however, the country’s political turmoil delayed the final conclusion of the agreement.
Egypt, which is struggling with a 42-percent budget deficit and depleting foreign currency reserves, relies on the IMF loan to overcome the crisis and enhance its economy.
It is worth noting that Egypt’s foreign reserves declined by nearly USD22.4 billion to USD13.6 billion in January 2013 from USD36 billion in January 2011.
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