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Sunday, August 5, 2012

Egypt invites IMF for the loan talks

Momtaz Al-Saeed, Egypt's Finance Minister
Egypt's Finance Minister Momatz Al-Saeed told reporters on Saturday that Egypt invites the IMF (International Monetary Fund) officials to Cairo for the loan talks. This meeting will resume the negotiations over $ 3.2 billion loan which is very important for Egyptian economy on the current stage.

This loan has to help Egypt to make the steps in attempt to resolve state's economic crisis which became a result of a popular uprising in 2011. It is also necessary for forming the state's budget and restoring the balance of payments in the country's bank system. This loan could have to add more credibility to the economic reforms to restore the confidence of the foreign investors.

Momtaz Al-Saeed stated that Egypt offeered an invitation to the IMF official delegation to visit Egypt in the coming period, and the head of IMF will probably attend this meeting too. The dates of this visit are not specified yet.

The current economic situation and the necessity of restoring the balance and stability and achieving the economic growth are among the main tasks of Egypt's new government of Hisham Kandeel, which was formed by Egypt's first freely and emocratically elected President Mohamed Morsy.