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Thursday, March 14, 2013

The official IMF delegation is expected to visit Egypt at the end of week

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

The official delegation of the International Monetary Fund (IMF) is expected to arrive in Cairo on Sunday, 17 March 2013, according to the IMF deputy spokesperson William Murray.

The delegation will meet Egyptian Prime Minister, the member of the government and the economical specialists to discuss the new recently amended economical plan and renew the negotiations over the $4.8 billion loan.

Egypt requested the IMF financial aid in 2012 in attempt to help to resolve the difficult situation in the country and to help the economy of Egypt. Later Egypt asked for $4.8 billion aid to restore the country’s economy.

In the framework of the cooperation with the IMF Egypt developed the new economical program for the next 22 months which included the recommendations of the IMF specialists, members of the technical team. The government of the country launched the new economic plan aimed to cut some subsidies what caused the anger and disappointment in Egyptian society with many political forces and simple citizens rejecting the controversial loan. Many people in the country consider the IMF loan being just another tool to control their country which won’t actually help Egyptians to restore their economy.

In November 2012 Egypt and IMF signed an initial agreement over the loan and IMF also supported the initiatives and the new economical plan suggested by Hisham Qandeel’s Cabinet. But the negotiations have been suspended in winter due to political instability and turmoil in the country.

Thus, the official IMF’s delegation will visit Egypt’s capital Cairo on Sunday in attempt to renew the talks over the $4.8 billion loan which is allegedly needed for the Egyptian struggling economy. Earlier Egyptian government rejected an emergency $750 million loan proposed by IMF.

Meanwhile the society’s attitude toward the issue of the IMF loan remains controversial with a lot of simple citizens and also political powers and economists as well.