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Sunday, March 31, 2013

IMF delegation is expected to visit Cairo this week

Egypt's PM Hisham Qandeel, IMF head Christine Lagarde
and Egypt's President Mohamed Morsy

The official delegation of International Monetary Fund (IMF) is expected to arrive in Cairo on Wednesday, 3 April, in attempt to resume the talks over the $4.8 billion loan requested by Egypt. This information was given by Egypt’s government spokesperson Alaa Al-Hadidi on Sunday, 31 March.

The negotiations between Egyptian government and IMF over the financial aid are ongoing during more than year. Egypt’s struggling economy after two years of political instability and protests is in need of international financial assistance, according to some financial specialists and Egypt’s government as well. The $4.8 billion loan requested by Egyptian side is expected to help to improve the economical situation in the country to resolve a lot of current problems which the country is facing nowadays.

The negotiations have been stopped and delayed a few times due to political instability in Egypt after the issuing of the controversial Constitutional Declaration giving the President wide powers and also during the recent clashes in Cairo and also violence in Port Said and other Canal cities in January 2013.

Egypt’s government spokesperson Alaa Al-Hadid didn’t give specific details regarding the visit of the IMF official delegation, but it was announced the technical team of IMF will arrive in Cairo at the beginning of April.