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Egypt raises budget deficit estimate ahead of loan talks

By Reuters CAIRO: Egypt has raised its budget deficit forecast for this fiscal year by 11.7 percent, the state MENA news agency said on Monday, in a move that may facilitate its efforts to line up an urgently needed international loan. Cairo is struggling to stave off a fiscal crisis following more than a year …


Muslim Brotherhood leaning toward IMF loan

By Patrick Werr and Marwa Awad / Reuters CAIRO: The Egyptian Muslim Brotherhood’s political wing supports Egypt’s request for an IMF loan, but first it wants the government to produce a coherent plan to battle corruption and get costs under control, its economic policymakers say. The government said earlier this year it had formally requested a …


IMF to schedule mission to Egypt later in March

By Reuters WASHINGTON: The International Monetary Fund has received a document outlining Egypt’s proposed economic program, to be supported by IMF financing, and will schedule a mission to Cairo later in March, a Fund spokesman said on Thursday. “We have now received a document that describes in broad terms their economic program,” IMF spokesman Gerry …


Egypt interim government faces tough task selling IMF reforms

By Patrick Werr / Reuters CAIRO: Egypt’s interim government will have to muster all its skills of persuasion to sell austerity measures to a country weary after a year of political and economic strife, if details emerging on Cairo’s planned deal with the IMF are anything to go by. Egypt wants the $3.2 billion IMF accord …


Egypt faces hurdles in securing IMF aid

CAIRO: Egypt faces a struggle to secure a $3.2 billion IMF aid package that economists say is crucial to averting a balance of payments crisis and which, even if it is obtained, could prove to be too little, too late. A year of political and economic turmoil has pushed up unemployment in Egypt, widened its …


Experts say Egypt needs clear policies to prop IMF aid

CAIRO: As formal talks resumed between Egypt and the International Monetary Fund (IMF), economists said the $3.2 billion financial support package needs to be propped by clear policies in order to lift the economy. "The Fund does not plan on imposing any conditions" on a loan to Egypt, IMF regional director Masood Ahmed was quoted …


Egypt asked IMF for $3.2 bln in support: minister

CAIRO: Egypt has asked the International Monetary Fund for $3.2 billion in support, a government minister said on Monday, as the country’s interim Cabinet seeks to fill a budget gap pushed wider by almost a year of economic turmoil. "We have asked the IMF for $3.2 billion in support," Planning and International Cooperation Minister Fayza …


Egypt has not requested IMF loan: IMF spokesman

WASHINGTON: Egypt has not requested an International Monetary Fund financing, an IMF spokesman said on Thursday, after an Egyptian minister said the country may resume talks with the global lender on a loan program. "The authorities have not requested an IMF arrangement," IMF spokesman David Hawley told a regular briefing with reporters. "In the past …


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