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A handout picture released by the Egyptian presidency on May 7, 2013, shows Egypt’s President Mohamed Morsi (C) posing for a group photograph with his Prime Minister Hisham Qandil (5th-L) and nine new ministers during a meeting in Cairo. Morsi appointed nine new ministers in a cabinet reshuffle in a shake-up that falls short of opposition demands. (AFP PHOTO / HO / EGYPTIAN PRESIDENCY)
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A man carries bread on wooden racks to be sold to customers in Cairo, on April 11, 2013. (REUTERS/Amr Abdallah Dalsh)
Egypt–IMF Deal Hopes Fading
London, Asharq Al-Awsat—Egypt is facing an uncertain economic future after parliament postponed its reading of a vital new income tax law needed to secure a USD 4.8 billion IMF loan. The Egyptian parliament halted the reading of the controversial new income tax law on...Caption:
Egypt’s President Mohamed Mursi (R) meets with IMF Managing Director Christine Lagarde at the presidential palace in Cairo, in this August 22, 2012 file photo. (REUTERS/Amr Abdallah Dalsh)
Why is the IMF in a Hurry with Egypt?
This could be one of the few occasions when the IMF actively seeks to pressure a member state into taking out an urgent loan. The idea is that the funds would serve as a timely bridge until the county’s condition stabilizes, at which point both sides can negotiate a...Caption:
U.S. Secretary of State John Kerry speaks to the press following his meeting with Canada’s Foreign Minister John Baird (not pictured) at the State Department in Washington, February 8, 2013. REUTERS/Jason Reed