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IMF Managing Director to visit Egypt

By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …

Daily News Egypt

International Monetary Fund headquarters in Washington DC (File photo) AFP PHOTO

Radwan to al-Arabiya: IMF expects Egypt to devalue its currency

By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …

Daily News Egypt

Departing IMF economist rips fund’s leadership

Washington (AFP) – A departing senior IMF economist has excoriated the fund, alleging it failed to address Europe’s crisis and “suppressed” its challenges, according to a letter published Friday. In the letter obtained by CNN, Peter Doyle also accused Christine Lagarde, the managing director of the International Monetary Fund, of being “tainted” by a faulty selection …

Daily News Egypt

IMF warns of rising risks to global economy

Washington (AFP) — The International Monetary Fund stepped up its warnings Monday on risks to the global economy, mainly from the crisis-mired eurozone, as it trimmed its growth forecast for the rest of the year. IMF economists said that the frail situations in Spain and Italy especially could quickly turn worse amid market doubts over …

Daily News Egypt

IMF scales back global growth forecast for 2012

The International Monetary Fund stepped up its warnings Monday on risks to the global economy, especially from Europe, as it trimmed its growth forecast for the rest of the year. The IMF said the world economy appeared weaker since its assessment just three months ago, and while growth was only slightly off the expected pace, …

Daily News Egypt

Hungary prepares for tough credit talks with IMF-EU

Budapest (AFP) – Hungary and the International Monetary Fund (IMF) will take a new stab at a 15-billion-euro credit line deal, starting on Tuesday, following months of delay due to controversial central bank reforms. A delegation of representatives from the IMF and European Union (EU) is due to arrive in Budapest Tuesday for negotiations until …

Daily News Egypt

IMF needs solid Cairo support for loan: Lagarde

By AFP WASHINGTON: IMF chief Christine Lagarde said Thursday that the global lender needs solid support from Cairo’s authorities for a truly viable program if it is to lend Egypt money. “I want to help Egypt, no question about it,” Lagarde told journalists in Washington after being asked what was holding up a $3.2 billion …

DNE

South Sudan joins IMF, World Bank

By AFP WASHINGTON: South Sudan, the world’s newest nation, joined the World Bank and the International Monetary Fund on Wednesday, becoming the sister institutions 188th member. IMF chief Christine Lagarde welcomed South Sudan to the fund, saying “the IMF will do its best to assist the country in setting up the foundations for economic stability …

DNE

IMF inches toward deal on boosting bailout funds

By Lesley Wroughton and Glenn Somerville / Reuters WASHINGTON: The International Monetary Fund appeared to be inching toward a deal on increasing its financial firepower on Tuesday, with Japan, Sweden and Denmark committing a total of $77 billion to help contain the euro zone’s debt crisis. The pledges were made ahead of meetings of global …

DNE

Protests, uncertainty dampen Mideast economies: IMF

By Omar Hasan / AFP KUWAIT CITY: Growth in the Middle East and North Africa took a dive in 2011 because of the Arab Spring protests and resulting political upheaval, the International Monetary Fund said on Tuesday. Gross Domestic Product (GDP) in the region, stretching from Iran to Mauritania, grew by 3.5 percent last year, …

DNE

IMF funds drive caught in global power shift

Lesley Wroughton / Reuters WASHINGTON: Tensions among some of the world’s leading economies have boiled up over a plan to raise new resources for the International Monetary Fund to contain the euro zone debt crisis, and a quest by emerging economies to win more say in the global lender. World financial leaders gathering in Washington …

DNE

Eurozone Chutzpah and the IMF

By Simon Tilford LONDON: Eurozone policymakers and politicians are in no doubt: they have done their part to support the currency union’s struggling members by increasing the size of its rescue fund, the European Stability Mechanism (ESM). Now it is time for the rest of the world — that is, the International Monetary Fund — …

DNE

Analysis: Egypt’s Brotherhood raises stakes by excluding IMF

By Patrick Werr /Reuters CAIRO: In all but ruling out an early agreement on an IMF loan, Egypt’s Muslim Brotherhood has dramatically raised the stakes in its struggle with the army-led administration for control of a country still reeling from a year of political turmoil. The Brotherhood’s candidate for president, Khairat Al-Shater, said this week the …

DNE

Egypt finance minister expects to get IMF loan by end-June

By Reuters CAIRO: Egypt’s government expects to seal a loan from the International Monetary Fund by May 15, allowing the money to be disbursed before a new president is sworn in at the end of June, the country’s Finance Minister Mumtaz Al-Saeed said on Thursday. “We expect to get approval of the IMF loan before …

DNE

IMF says Egypt needs to agree on new budget

By AFP WASHINGTON: The International Monetary Fund said Tuesday that Egypt’s divided politicians needed to agree on a new budget before it can offer financial support for the country. In a statement following a staff mission to Cairo, the IMF said Egyptian authorities had made progress on their economic program, which it said “appropriately aims …

DNE

Egypt’s Islamist candidate says IMF deal unlikely

By Patrick Werr and Marwa Awad / Reuters CAIRO: Egypt’s Muslim Brotherhood has warned the government it will not support an IMF loan unless the terms are changed or it moves aside and allows a new administration to oversee how the funds are spent, its candidate for president said on Sunday. The government has been negotiating …

DNE

No set timeline to conclude Egypt loan talks: IMF

By Reem Abdellatif WASHINGTON: The International Monetary Fund said on Thursday there was no fixed timeline for concluding loan talks with Egypt and insisted that any IMF financing package have the broad support of all political parties in the country. “The timeline for concluding an agreement is not fixed and will depend on how quickly progress …

DNE

Parliament, gov’t reach settlement over IMF loan, says report

By Reem Abdellatif CAIRO: After much debate over the $3.2 billion International Monetary Fund (IMF) loan and a year-long stalemate, Egypt’s finance minister finally convinced parliament to accept the loan, official media said. Mumtaz Al-Saeed, Egypt’s minister of finance, has relayed the severity of the country’s economic situation to members of the People’s Assembly convincing the …

DNE

Egypt says no IMF agreement until June

By Reuters CAIRO: Egyptian Planning Minister Faiza Abu El-Naga said on Monday that Egypt expected to sign a $3.2 billion financing package with the International Monetary Fund in June, three months later than it had previously hoped. The political and economic turmoil since President Hosni Mubarak was ousted in February 2011 has dragged the country …

DNE

Europe firewall boost throws spotlight on IMF

By Tamim Elyan / Reuters COPENHAGEN: With a decision to expand its anti-crisis “firewall”, the eurozone has thrown the ball firmly back into the court of other economic powerhouses who pledged more cash for the IMF if Europe stumped up first. After providing loans to help debt-wracked countries such as Greece, Christine Lagarde, head of the …

DNE

Parliament, government disagree on IMF loan

By Aya Batrawy / AP CAIRO: An International Monetary Fund team was due to leave Cairo Wednesday without securing an agreement over a $3.2 billion loan to help boost the nation’s battered economy. Holding up the deal was political wrangling between the Islamist-dominated parliament and the government, an arm of the ruling military. Economists say Egypt …

DNE

IMF chief says world back from financial ‘abyss’

By AFP NEW DELHI: IMF chief Christine Lagarde said Tuesday the global economy has moved back from the “abyss” but that there were still serious weakness in the world financial system. Lagarde, visiting New Delhi for a two-day trip to attend a conference and meet leaders, said the world financial situation is not as grave …

DNE

IMF official says Egypt talks to last a few weeks

By Patrick Werr and Marwa Awad / Reuters CAIRO: Talks over an International Monetary Fund loan for Egypt are continuing and will take a few weeks, rather than days, to conclude, IMF Middle East and Central Asia director Ahmed Masood told Reuters on Monday. Egypt formally requested a $3.2 billion IMF loan earlier this year and …

DNE

Egypt hopes for IMF loan; UAE uptrend looks fragile

By Nadia Saleem and Patrick Werr / Reuters DUBAI/CAIRO: After a sharp setback last week, stock markets in the United Arab Emirates have resumed rising in high trading volumes, but some analysts say the rally remains fragile as much of it is speculative and depends on a benign global backdrop. In Egypt, investors will be anxious …

DNE

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 …

DNE

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 …

DNE