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Egypt expects to seal IMF loan by end of 2012 - ASHARQ AL-AWSAT English Archive
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CAIRO (AP) — Egypt’s prime minister says he expects to reach an agreement by the end of the year with the International Monetary Fund on an aid package to help boost the country’s sagging economy.

Hesham Kandil said after meeting with IMF Chief Christine Lagarde on Wednesday that his government has drawn up an economic plan for the IMF that includes strategies to counter the budget deficit, encourage investment and ensure that subsidies reach those most in need.

Initial talks over a $3.2 billion loan earlier this year stalled after Egypt’s political leaders failed to overcome differences on a plan for the funds.

Egypt’s finance minister has said Cairo hopes to increase the loan to $4.8 billion to cover budget deficits stemming from shrinking tourism and foreign investment revenues after last year’s uprising.

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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