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Egypt committed to IMF talks - new finance minister - ASHARQ AL-AWSAT English Archive
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CAIRO, (Reuters) – Egypt is committed to completing negotiations with the International Monetary Fund to secure a $4.8 billion loan, its incoming finance minister said on Sunday, a day before an IMF visit to discuss a deal vital to the country’s economy.

A senior IMF official is due in Cairo on Monday to meet Egyptian leaders over the deal, which was postponed last month to give Egypt more time to defuse political tensions before introducing unpopular austerity measures.

Cabinet sources said on Saturday that President Mohamed Mursi had fired his finance and interior ministers after promising a government reshuffle to assuage public anger at an economic crisis.

Incoming finance minister Al-Mursi Al-Sayed Hegazy, who is due to be sworn in by Mursi later on Sunday, told journalists he was “completely ready to complete discussions with the International Monetary Fund”.

Hegazy, who made his remarks after meeting Prime Minister Hisham Kandil, is a little-known economist based at Alexandria University and a specialist in Islamic finance.

He is not a member of Mursi’s Muslim Brotherhood, though Egyptian media described him as close to the group.

State news agency MENA said a total of 10 new ministers would be sworn in on Sunday for portfolios including electricity, environment, communications and transport.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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