São Paulo – This Friday (16th), the director of the International Monetary Fund’s Department of External Relations (IMF), Gerry Rice, stated that the Fund will support Egypt through its political transition. The second phase of presidential elections is scheduled for Saturday (17th) and Sunday (18th). After the change of government, the Fund may make a loan of US$ 3.2 billion.
“We stand ready to support Egypt during the transition. We have been having constructive discussions and look forward to advancing those discussions once the elections are concluded,” said Rice, according to the Qatar News Agency.
Egypt and IMF officials are negotiating the loan so that the country may finance its budget deficit, replenish its foreign exchange reserves, and curb the inflation hike.
*Translated by Gabriel Pomerancblum
