S\u00e3o Paulo \u2013 The International Monetary Fund (IMF) ended one more mission to Egypt on Tuesday (10) with the objective of discussing the organisation\u2019s financial support to the local government\u2019s economic plan. In a press statement disclosed by the institution, the delegation had meetings with members of the government and of the People\u2019s Assembly, the Egyptian parliament. What is in play is a possible US$ 3.2 billion loan by the Fund to the country.<\/p>\n
\u201cThe mission made good progress in its assessment of the policies embodied in the authorities\u2019 economic program, which appropriately aims at maintaining macroeconomic stability during the on-going transition, while promoting economic growth and protecting vulnerable households," says the press statement.<\/p>\n
It informs that "in the discussions with a wide spectrum of political parties in the People\u2019s Assembly" a consensus was reached regarding the need to face short-term economic challenges and promote reforms to help the country reach greater and more inclusive growth.<\/p>\n
"The mission reaffirms that broad-based support for a national economic program is essential to bolster confidence and ensure its successful implementation in the period following the current political transition,\u201d says the statement. After the fall of dictator Hosni Mubarak, last year, Egypt had parliamentary elections, but the presidential election has not yet taken place and the government remains under the influence of the military.<\/p>\n
According to the statement, Egyptian authorities are yet to conclude the details of the economic plan, including the 2012\/2013 budget, and "mobilize the required political support for this program". "A financial arrangement to support Egypt\u2019s economic program will be presented to the IMF Executive Board once this work is completed,\u201d informs the press statement. "External financing from bilateral donors and other international institutions is confirmed," it finishes off.<\/p>\n
In January, the World Bank announced a US$ 200 million loan for the development of water distribution and basic sanitation projects in the country. In February, the government called for another US$ 1 billion from the bank to support its economic programme.<\/p>\n
Other sources of funds are transfer from donor countries, like Saudi Arabia, Qatar and the European, and other international fostering institutions, like the African Development Bank.<\/p>\n
*Translated by Mark Ament<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
The fund is negotiating a US$ 3.2 billion loan for the local government\u2019s economic program. The institution points out the need for ample political support to the success of the plan.<\/p>\n","protected":false},"author":2316,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-41167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The fund is negotiating a US$ 3.2 billion loan for the local government\u2019s economic program. The institution points out the need for ample political support to the success of the plan.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/41167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=41167"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/41167\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=41167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=41167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=41167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}