São Paulo – This Wednesday (15th), the International Monetary Fund (IMF) has informed that its managing director Christine Lagarde will arrive in Cairo next Wednesday (22nd). According to an IMF statement, she will visit the country by invitation of local authorities.
"Her visit is a reflection of the IMF’s continuous commitment to support Egypt and its people during this historic period of transition," said the IMF in the statement. The IMF and Egypt are in the process of negotiating a loan to the benefit of the North African country.
In January, the IMF announced that the Egyptian government had requested a US$ 1 billion loan to replenish its international reserves, finance its budget deficit, and curb depreciation of the Egyptian pound. Prior to the loan request, the Fund had offered Egypt US$ 3.2 billion in 2011.
On that occasion, the transitional government rejected the offer on claims that it did not want to commit to a debt which would be paid by the next administration. In June, a new president was elected. Mohammed Mursi replaced the military who ruled the country after Hosni Mubarak stepped down in February 2011.
*Translated by Gabriel Pomerancblum
